Linzi Sukuk has been officially listed on the Nairobi Securities Exchange.

On Wednesday, President William Ruto presided over the official listing of the Linzi Sukuk bond on the Unquoted Securities Platform (USP) of the Nairobi Securities Exchange (NSE). This Sukuk represents the first Shariah-compliant financial product on the Kenyan exchange and will be issued by Linzi FinCo Trust with a Ksh. 3 billion Islamic security, maturing in 15 years.

During the event at the NSE headquarters in Nairobi, Ruto highlighted that the funds raised from this bond will significantly support the government’s ambitious affordable housing plan, enabling the construction of 3,069 affordable housing units. He noted, “The Linzi Sukuk structure is designed to offer housing at an average cost of KSh 1.4 million—substantially lower than the current average—allowing Kenyans to own homes by making monthly payments of just Ksh. 7,700 over 15 years.”

Ruto emphasized that this initiative not only enhances accessibility to homeownership but also serves as a scalable model for investment in the affordable housing program, attracting long-term investors such as local pension funds. He also pointed out that the Sukuk bond underscores the role of Islamic finance in fostering financial inclusion and expanding global market access.

“This aligns with the global trend towards more stable and robust economic growth, unlocking Islamic financial assets valued at approximately USD 5 trillion,” Ruto added.

With its listing, the Linzi Sukuk joins a range of innovative financial instruments on the NSE’s USP, including the ILAM FAHARI Income Real Estate Investment Trust and Acorn Real Estate Investment Trust.

However, Ruto acknowledged the absence of a centralized Shariah Governance Board, which he identified as a barrier to the broader adoption of Islamic finance. He called on national financial regulators to collaborate with the National Treasury and Islamic finance stakeholders to establish a comprehensive regulatory framework to support the growth of Islamic finance in Kenya and enhance the nation’s economic performance.