Douglas Mwiti 
President William Ruto has launched Kenya’s first Shariah-compliant bond, the ‘Linzi Sukuk,’ on the Nairobi Securities Exchange PLC’s Unquoted Securities Platform.
“The NSE is a cornerstone of our strategy to mobilize long-term capital, essential for driving projects central to our bottom-up economic transformation agenda. The Linzi Sukuk is aimed at providing housing at an average cost of 1.4 million shillings—significantly less than the current market rate—enabling Kenyans to own homes by paying as little as Ksh 7,000 over 15 years,” President William Ruto stated.
Valued at Ksh 3 billion, this Islamic security aims to finance the development of 3,069 affordable housing units, addressing the critical need for affordable housing in the country.
NSE CEO Frank Mwiti said, “The listing of the first Sukuk on the NSE not only highlights the growing demand for ethical and inclusive investment options but also paves the way for further expansion of Shariah-compliant products in the Kenyan market. This opens avenues for more investors to participate in the growth and development of our economy.”
The Linzi Sukuk bon is also approved by the Capital Markets Authority- Kenya(CMA) and differs from traditional bonds by being compliant with Sharia law, which prohibits interest payments. Instead, it offers investors a share of the profits generated by the underlying assets.
This introduction is expected to attract a diverse pool of investors, particularly those seeking Sharia-compliant investment opportunities.
