Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 631216,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/631216/?format=api",
    "text_counter": 6,
    "type": "speech",
    "speaker_name": "Hon. Ethuro",
    "speaker_title": "The Speaker",
    "speaker": {
        "id": 158,
        "legal_name": "Ekwee David Ethuro",
        "slug": "ekwee-ethuro"
    },
    "content": " Hon. Senators, I have two petitions to present. The first one is a Petition by Mr. David O. Gesicho for enactment of legislation to confine the National and county governments to the exclusive use of interest free Islamic bonds, Sukuk, in borrowing from the domestic and international financial markets. Hon. Senators, pursuant to Standing Orders No.220(1) (a) and 225(2) (b), I hereby report to the Senate that a petition has been submitted, through the Clerk, by Mr. David O. Gesicho, a resident of Kakamega County, proposing the enactment of legislation to confine the National and county governments to the exclusive use of interest free Islamic bonds known as Sukuk in borrowing from the domestic and international financial markets. In summary, the petitioner states:- (a) That, Kenya has over the years been operating an unbalanced annual budget, which has resulted in a budget deficit that keeps growing; (b) That, the National Treasury has been borrowing from the domestic and international financial markets to plug these deficits, and this has had an unhealthy effect of increasing and sustaining high interest rates in the domestic financial markets; (c) That, Islamic banking is also known as interest free banking system, as the Sharia disallows the acceptance of riba or interest for the acceptance of and lending of money; (d) That, one of the ways of taming the high interest rates in the country is by way of sovereign borrowing from the domestic and international financial markets using instruments that adhere to the Islamic Sharia known as Sukuk; and, The electronic version of the Senate Hansard Report is for information purposes"
}