Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
Kenya’s Capital Markets Authority (CMA) this week allowed the issuance of the first-ever Islamic bond in the country, tapping into the unexplored potential of sharia-compliant financing and setting the tone for diversification of capital markets in East Africa.
The issuer of the sukuk bond, Linzo Finco Trust, targets to raise Ksh3 billion ($20 million), at a return of 11.13 percent, to build some 3,069 housing units to support the government’s affordable housing agenda.
