The Rwanda Stock Exchange (RSE) yesterday held an intensive Islamic finance training session as the country prepares to introduce Shariah-compliant products, including Sukuk, into the local capital market.
The program covered Shariah principles, Sukuk structuring, regulatory frameworks, and global best practices drawn from markets where Islamic finance is well established.
RSE Chief Executive Officer Celestin Rwabukumba said the initiative forms part of Rwanda’s broader strategy to diversify investment options and attract new pools of capital.
“Islamic finance and Shariah-compliant products will play a pivotal role in the growth and deepening of our conventional capital market,” he said.
The session was led by Dr. Sheik Mohamed, a Tanzanian Islamic Finance Consultant and CEO with extensive experience in structuring Sukuk across East Africa.
He highlighted the urgency for African markets to adopt alternative financing tools. According to Dr. Mohamed, Africa needs up to US$170 billion annually for infrastructure, yet traditional loans and grants provide only US$70 billion, leaving a US$110 billion funding gap.
He noted that Islamic finance offers Africa an opportunity to mobilize domestic and international capital without relying heavily on debt.
Sukuk instruments, already used in Nigeria, Malaysia, Hong Kong, the United Kingdom, and the Middle East, have proven effective and inclusive. “This is not about religion—40% of Zanzibar’s Sukuk investors were non-Muslims,” he said, underscoring the global acceptance of Shariah-compliant products.
Dr. Mohamed also praised Rwanda for moving quickly to create the necessary regulatory environment. The RSE has already established listing and trading rules for Islamic capital market products, and the training equips market players to support future issuances.
“Investors need confidence that the legal framework protects them. Once that is in place, capital will flow,” he explained.
As traditional financing sources tighten worldwide, Islamic finance offers Rwanda a path to broaden its investor base, reduce debt dependency, and unlock new funding for infrastructure and private-sector growth.
Yesterday’s training signals Rwanda’s readiness to join a rapidly expanding global ecosystem—and to position its capital market as one of the region’s most innovative and inclusive.
