Dubai backs plan for first east African sukuk

NasdaqThe Nasdaq Dubai exchange has put its support behind a Kenyan scheme to launch the first sukuk in east Africa. The bourse signed an agreement with the Nairobi Securities Exchange to collaborate to create a sector for sukuk, otherwise known as Islamic bonds. “The development of the Islamic capital markets can provide significant support for funding national development and growth while strengthening our international relationships,” said Geoffrey Odundo, chief executive of the Nairobi Securities Exchange. Countries elsewhere in Africa, such as South Africa, Ivory Coast, Senegal and Togo, have already launched sukuk, which are seen as an effective way to raise money from sharia-compliant investors, such as Islamic banks. There are currently more than $50 billion of sukuk listed on Nasdaq Dubai. ©2017 funds global mena

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