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

Executive Interviews

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.


MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.


Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.