Ruto directs development of regulatory framework for Islamic Finance

The Star Kenya

President William Ruto has directed the financial regulators to work with the Treasury and Islamic finance stakeholders to develop a regulatory framework that can support the growth of Islamic finance in the country. https://shorturl.at/7BzJB

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00:00Today, we are launching a product that brings Islamic financing put together by the Nairobi

00:12Stock Exchange to facilitate public housing.

00:18That is the essence of public-private partnership.

00:25We're using private funds.

00:28We're using private funds to deliver public housing.

00:34It is the model that will leverage more resources beyond what government can do that private

00:44money can facilitate home ownership.

00:50Private money can facilitate public housing.

00:54In this particular aspect, our security forces will benefit from the housing that is going

01:03to be constructed using the resources that we are raising using this Sukuk bond.

01:10I ask our financial regulators to collaborate with the national, treasury, and Islamic finance

01:16stakeholders to develop a robust regulatory framework that will support the growth of

01:22Islamic finance in Kenya, which has tremendous potential to unlock our investment resources

01:29and boost our economy.

01:32The people in treasury with the central bank and all the other stakeholders, including

01:39scholars like Elefome and others, should come together and fashion a framework that

01:48will provide accountability and stability and a framework that will support this endeavor.

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