Kenya Launches First Islamic Bonds to Support Affordable Housing Agenda
Kenya made history on Wednesday by listing the nation’s first Islamic bonds worth $23 million at the Nairobi Securities Exchange (NSE). President William Ruto inaugurated the Sukuk bonds, issued by Linzi Finco Trust Islamic, as an innovative financial product to support the government’s affordable housing agenda.
Ruto highlighted the importance of these Shariah-compliant bonds in promoting financial inclusion and expanding market access. The launch ceremony aimed at unlocking broader investment opportunities and furthering the country’s Bottom-Up Economic Transformation Agenda.
By tapping into the growing pool of Islamic finance, the Kenyan government aims to provide more resources for critical infrastructure projects, particularly in the housing sector. The new bonds will open new Shariah-compliant markets for Kenya, attracting more investors and boosting economic growth.
Ruto’s administration has been actively addressing the housing shortage in Kenya through various projects, including the construction of affordable housing units. With Africa’s largest economies embracing Sukuk issuances, Kenya is set to benefit from this global trend towards more stable economic growth.
Source: Anadolu Agency