Government reviews Islamic Finance laws ahead of debut sukuk

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.