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{
    "id": 631219,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/631219/?format=api",
    "text_counter": 9,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "(e) That, even non-Muslim majority countries can issue a sovereign Sukuk, an example being Singapore which was the first non-Muslim majority country to issue a sovereign Sukuk in 2009. The petitioner, therefore, prays that the Senate considers enacting legislation to:- (1) 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; (2) Provide for the distribution of the national budget deficit between the National and county governments, in like manner as the division and allocation of revenue between the two levels of Government and among the counties; and, (3) Cap borrowing by the national and county governments to not exceed 5 per cent of the National Domestic Product. Hon. Senators, pursuant to Standing Order No.226, I will allow comments, observations or clarifications in relation to the Petition for not more than thirty minutes. I will do this after I read the second petition."
}