Kenya debuts $23 million Islamic bonds to boost affordable housing
Kenya has marked a significant milestone by listing its first Islamic bonds, worth $23 million, on the Nairobi Securities Exchange (NSE).
President William Ruto inaugurated the Shariah-compliant bonds, known as Sukuk, and introduced by Linzi Finco Trust Islamic.
The move is part of Ruto’s initiative to enhance affordable housing through alternative funding methods.
In his speech, Ruto highlighted the role of Sukuk in promoting financial inclusion and expanding market access.
He stressed these new bonds will support his Bottom-Up Economic Transformation Agenda and help address Kenya’s housing shortage.
NSE CEO Frank Mwiti says this development will attract Shariah-compliant investments, opening new markets for Kenya.
The government is aiming to leverage Islamic finance to fund critical infrastructure, with recent projects focused on increasing affordable housing options.
According to a report from African Business and Fitch Ratings, Africa’s three largest economies — Nigeria, South Africa and Egypt — have raised more than $3 billion through Sukuk issuances since last year.
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