| Updated Fri, April 21st 2017 at 07:42 GMT +3Kenya will issue its debut Islamic bond planned for the fiscal year starting in July under existing laws as it pushes legal reforms aimed at boosting Islamic finance, a senior government official said. Githu Muigai, the attorney general, who is the government's chief legal adviser, told Reuters on Thursday the issuance could go ahead, even if all planned legal reforms are not completed in time. "We will continue with the bond within the institutions that exist right now but we will transition into the new framework sometime next year," Muigai told Reuters. He said the proposed changes include the consolidation of financial regulations, which are pending before parliament. Kenya has two Islamic banks, established a decade ago, and several Islamic banking windows, offered by some commercial lenders.

Source: Standard Digital April 21, 2017 04:41 UTC