{"id":72491,"date":"2024-07-31T11:04:40","date_gmt":"2024-07-31T11:04:40","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2024\/07\/31\/treasury-given-green-light-to-set-up-islamic-finance-regulations\/"},"modified":"2024-07-31T11:04:40","modified_gmt":"2024-07-31T11:04:40","slug":"treasury-given-green-light-to-set-up-islamic-finance-regulations","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/treasury-given-green-light-to-set-up-islamic-finance-regulations\/","title":{"rendered":"Treasury given green-light to set up islamic finance regulations"},"content":{"rendered":"<p><strong>President William Ruto has directed the National Treasury to work with financial regulators and islamic finance stakeholders in order to establish a centralised Shariah Governance Board.<\/strong><\/p>\n<p>Speaking during the listing of Kenya\u2019s first islamic bond, LINZI Sukuk at the Nairobi Securities Exchange (NSE), the president said establishing a robust islamic finance regulatory<br \/>\nframework has tremendous potential to unlock investment<br \/>\nresources and boost the country\u2019s economic growth.<\/p>\n<p>\u201cAs a financial instrument compliant with Islamic law, the Sukuk<br \/>\nhighlights the importance of Islamic finance in promoting<br \/>\nfinancial inclusion and broadening market access. This aligns<br \/>\nwith the global move towards more stable and robust economic<br \/>\ngrowth, unlocking Islamic financial assets currently valued at<br \/>\napproximately $5 trillion,\u201d said President Ruto.<\/p>\n<p>The Ksh 3 billion LINZI Sukuk which has begun tradin on NSE is Kenya\u2019s first Sharia-compliant bond.<\/p>\n<p>The bond which has a coupon of 11.5pc and a tenure of 15 years is expected to finance the development of 3,069 affordable houses for the security forces.<\/p>\n<p>The bond has been structured in a manner that will provide housing at an average cost of Ksh 1.4 million, enabling Kenyans to own homes by paying as little as Ksh 7,000 every month over a period of 15 years.<\/p>\n<p>\u201cThis initiative not only makes homeownership more accessible but also represents a scalable model for investment in our affordable housing programme, attracting long-term investors, including local pension funds,\u201d said President Ruto.<\/p>\n<p>This comes as the government lines up listing of six state-owned enterprises on the NSE in coming months.<\/p>\n<p>The government is expected to offload shareholding in East African Portland, NSE, Stanbic Holdings and Eveready East Africa through block trading.<\/p>\n<p>The post <a href=\"https:\/\/www.kbc.co.ke\/treasury-given-green-light-to-set-up-islamic-finance-regulations\/\">Treasury given green-light to set up islamic finance regulations<\/a> first appeared on <a href=\"https:\/\/www.kbc.co.ke\/\">KBC<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>President William Ruto has directed the National Treasury to work with financial regulators and islamic finance stakeholders in order to establish a centralised Shariah Governance Board. Speaking during the listing of Kenya\u2019s first islamic bond, LINZI Sukuk at the Nairobi Securities Exchange (NSE), the president said establishing a robust islamic finance regulatory framework has tremendous [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-72491","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/72491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=72491"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/72491\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=72491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=72491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=72491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}