Ruto directs development of regulatory framework for Islamic Finance
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.