Ruto Reveals Interest-Free Affordable Housing Option for Some Kenyans

Jukwaa

🇰🇪 Breaking It Down

Ruto made the remarks on Wednesday, August 5, during a meeting with Muslim sheikhs at State House, Nairobi, where he sought to address concerns over the low uptake of affordable housing units.

The Head of State explained that some muslims had been reluctant to apply for the houses because conventional home financing typically involves interest, which is prohibited under Islamic teachings.

To address the concern, he said the government incorporated a Sharia-compliant financing product into the Affordable Housing Programme following the enactment of the Affordable Housing Act, 2024.

📌 What You Need to Know

"There is a Sharia-compliant product in this project. As Muslims, you can purchase the houses because they have complied with Islamic law," Ruto said.

He emphasised that the affordable housing initiative is not limited to Nairobi, noting that the government has also constructed housing units across all counties including those in Northern Kenya.

"If you go to Garissa, the latest estate there is affordable housing. We are not building affordable housing in Nairobi alone. There are affordable houses in Mandera, Lamu and other counties," he said.

Ruto argued that the government would not have invested in affordable housing projects in predominantly Muslim counties without ensuring residents could access financing that aligns with their religious beliefs.

"All these houses we are building in Nairobi, Wajir and Garissa, do you think we would have built them without following the law to allow you to buy them? We have put in place adequate measures to enable you to purchase the houses," he added.

Under Islamic finance, interest is prohibited, and instead, Sharia-compliant financing relies on alternative structures such as asset ownership, profit-sharing or lease-to-own arrangements.

📰 Source: Kenyans.co.ke

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