DUBAI, Nov. 23 (Xinhua) -- Nasdaq Dubai, the biggest international exchange in the Middle East, decided on Thursday to partner with Kenya to create a market segment for Islamic bonds.
The Dubai exchange signed a Memorandum of Understanding with the Nairobi Securities Exchange in Kenya, said the Middle East exchange in a emailed statement.
The Memorandum was signed between Chief Executive of Nasdaq Dubai Hamed Ali and Chief Executive of the Nairobi Securities Exchange Geoffrey Odundo.
The Kenya government has previously announced intention to raise funds through issuing the Islamic bonds and has made necessary amendment to its laws to facilitate the products earlier this year, said the statement.
The two markets aim to collaborate to support the issuance and the listing of Islamic bonds by the Kenyan government, government-related entities and private businesses.
"By cooperating and sharing our expertise, the two exchanges will provide powerful support for the growth of Islamic finance in Kenya," said the Chief Executive of Nasdaq Dubai.
"The development of the Islamic capital markets can provide significant support for funding national development and growth while strengthening our international relations," said Odundo.
The Nairobi Securities Exchange is a member of the African Securities Exchanges Association and the East African Securities Exchanges Association.
