The Capital Markets Authority (CMA) has given the green light for the issuance of the country’s first-ever Sukuk Bond by Linzi Finco Trust.
The Sukuk Bond aims to raise KSh. 3 billion. The funds raised from the bond will be allocated towards the development of 3,069 institutional housing units. The Sukuk offers an internal return of 11.13%.
“This financial initiative represents not only a new investment opportunity but also a significant step towards addressing the housing deficit in Kenya,” said CMA’s chief executive officer Wycliffe Shammiah.
Sukuk also referred to as Islamic bonds, are financial instruments that adhere to Shari’ah principles.
