Dubai – Mubasher: Nasdaq Dubai and the Nairobi Securities Exchange (NSE) on Thursday signed a memorandum of understanding (MoU) to create a Sukuk sector in Kenya.
While no sukuk has been issued in the East Africa, the Kenyan government expressed intention to raise funds through sukuk issuance, and make any required amendments to its laws in a bid to facilitate the process.
The MoU represents a collaboration between Nasdaq Dubai and NSE to assist in the issuance and listing of sukuk by the “Kenyan government, government-related entities and private businesses”, Nasdaq Dubai stated.
Generally, the MoU targets promoting Islamic capital markets products and solutions, the UAE-based bourse added.
“Nasdaq Dubai looks forward to supporting the Nairobi Securities Exchange, the Kenyan government and the country’s capital markets community as they develop a thriving Sukuk sector,” said Hamed Ali, Nasdaq Dubai’s CEO.
“The development of the Islamic capital markets can provide significant support for funding national development and growth while strengthening our international relationships,” Geoffrey Odundo, NSE’s CEO commented.
The value of Nasdaq Dubai’s sukuk listings from international and regional issuers, including governments, multilateral institutions and private entities has reached $50.8 billion.
