Stock market display at the NSE. [File, Standard]

President William Ruto has thrown his weight behind the development of Islamic finance in the country, following the listing of the Liaison Group’s Linzi Sukuk on the Nairobi Securities Exchange (NSE).

Speaking at the Nairobi bourse, Ruto hailed the 15-year, Sh3 billion Shariah-compliant bond as a “pioneering public-private partnership (PPP)” that taps into locally sourced funds.

“The structure of the Linzi Sukuk, aimed at providing housing at an average cost of Sh1.4 million - significantly less than the current average - enables Kenyans to own homes by paying as little as Sh7,700 monthly over 15 years,” Ruto said.

The president noted that the high demand for Islamic financial products, both domestically and internationally, presents an opportunity to diversify Kenya’s financing sources beyond traditional bonds and loans, enhancing the country’s financial resilience.

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