Last week, the Capital Markets Authority (CMA) approved the issuance of the first Sukuk bond in Kenya, which will be rolled out by a trust that is developing 3,069 institutional houses for the government.
The approval of Linzi Finco Trust to raise Sh3 billion will be a test of the country’s readiness for the Shariah-compliant bonds, whose issuance has been aided by law changes a few years ago to provide clarity on the taxation of Islamic financial products in the country.
