Sukuk bond issue to await law change

The Treasury must change the Banking Act before it issues a Sukuk bond, a factor likely to hold up the issue of an Islamic paper whose proceeds will be used to clear a syndicated loan the government is in the process of procuring.

National Treasury secretary, Henry Rotich, said the government was still keen on issuing the Shariah-compliant bond despite securing the Sh75 billion loan expected to be disbursed before month end.