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Government reviews Islamic Finance laws ahead of debut sukuk

folarin okunola

February 17, 2016 8:58 PM

The East African country is reviewing all the regulations governing its sleepy Islamic Finance industry

A currency dealer counts Kenya shillings at a money exchange counter in Nairobi in a file photo. REUTERS/Antony Njuguna

Kenya is reviewing all laws and regulations governing its nascent Islamic Finance industry to aid the issuance of a debut Islamic law-compliant bond known as a sukuk, its attorney general said on Wednesday.

"We want to be able to facilitate the issuance of the bond," Githu Muigai told Reuters, adding the process will be completed in a maximum of nine months.

Other African countries such as Nigeria have also considered the option of Islamic Finance practices, especially the sukuk bond system.

As the world economy continues to struggle, governments all over the world continually seek alternate revenue generation sources, in a bid to fortify against future bearish market trends.

folarin okunola

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