| Kenya has ambitions of becoming the Islamic finance hub of East Africa and has the first mover advantage. But contrary to recent reports that Kenya may pass legislation to eliminate tax barriers to sukuk issuance by the end of the year, Islamic bankers in East Africa's largest economy stress that it is highly unlikely that any major developments will occur in terms of tax neutrality and other legislation that is required to facilitate products such as sukuk in the local market.
The Central Bank of Kenya (CBK) has been talking about changing the legislation to create an enabling environment for the origination of sukuk in Kenya...........................................Full Article: Source |