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.
Government reviews Islamic Finance laws ahead of debut sukuk
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
"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.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
ICPC boss urges Nigerians to take pride in honest work
JAMB releases 2024 UTME results — here’s how to check
How Tinubu transformed from a ‘gaffe master’ to an articulate president
Governors warned not to perish Tinubu's reformation agenda
Tinubu's courageous moves will free Nigerians from bondage - Shehu Sani
NAFDAC seizes 35 cartons of codeine syrup in Anambra raid
Ighodalo denies role in Shaibu's impeachment, claims tarnished reputation
Government is ashamed of its citizens begging in other African countries
Linda Ikeji to pay NBM of Africa ₦30 million for character defamation
ADVERTISEMENT