Serrari Group

The Nairobi Securities Exchange PLC (NSE) has granted approval for the listing of Linzi Sukuk on its Unquoted Securities Platform (USP), marking a historic milestone as the first Shari’ah-compliant product admitted to the platform.

The Linzi Sukuk now joins the ranks of three admitted securities on the USP. Issued by Linzi FinCo Trust, a common law unincorporated trust, the KSh 3 billion Islamic secured residential-based bond boasts a maturity period of 15 years, offering investors an internal rate of return of 11.13%.

Sukuk, commonly referred to as Islamic bonds, adhere to Shari’ah principles, with a notable feature being the prohibition of interest payments, a fundamental tenet of Islamic finance.

The funds raised from the issuance will be directed towards the financing, design, construction, and commissioning of 3,069 institutional houses. Linzi FinCo previously received approval from the Capital Markets Authority in September to launch the Islamic bond, emphasizing Kenya’s potential in Shari’ah-compliant instruments to address significant financing needs across priority sectors such as infrastructure and housing.

Geoffrey Odundo, Chief Executive of NSE, highlighted the substantial role Shari’ah-compliant instruments can play in meeting diverse financing requirements in the country, particularly in sectors like infrastructure and housing.

The Unquoted Securities Platform (USP) serves as an automated solution for the issuance and trading of securities for unquoted companies. Presently, it hosts the Acorn Student Accommodation Development Real Estate Investment Trust (D-REIT) and the Income Real Estate Investment Trust (I-REIT). The platform functions as a vital tool for value discovery, capital raising, and trading experiences for small and medium enterprises before advancing to the listing segments offered by the NSE.

The USP provides a world-class electronic platform for the issuance, holding, trading, and settlement of securities of unquoted companies

The NSE has also set up an incubator program to prepare young companies for an eventual listing or bond issuance on the bourse, with the aim of helping companies strengthen their position

Photo (Phoebe Mwendia)

By Delino Gayweh
Serrari Financial Analyst
November 14, 2023

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