Nasdaq Dubai and The Nairobi Securities Exchange have signed a Memorandum of Understanding (MoU) to facilitate the creation of a sukuk sector in Kenya.
No sukuk has been issued in the East African region; however the Kenyan government has previously made known its intention to raise funds through issuance of sukuk, including making necessary amendments to its laws to facilitate this product earlier this year.
“As the region’s international exchange with growing links to African countries, 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. By cooperating and sharing our respective expertise, the two Exchanges will provide powerful support for the growth of Islamic finance in Kenya,” Hamed Ali, Chief Executive of Nasdaq Dubai, said in a statement.
Nasdaq Dubai is one of the largest exchanges in the world for sukuk, with listings valued at $50.8 billion from international and regional issuers including governments, multilateral institutions and private entities.