The industrial group is planning a 5- to 7-year tenor fixed-rate U.S. dollar-denominated senior unsecured sukuk under their $3 billion Trust Certificate Issuance Programme, subject to market conditions.
Under the existing law, the figure is JD24,000 for households with JD4,000 in exemptions on VAT medical and educational receipts and invoices and JD12,000 for individuals.
For some (listed constituents), this (the new framework) will be just "business as usual’ but for others, they will "undoubtedly" need to pay more attention to the IR function and its resourcing, he said
Even so, the trade balance is still in favor of Qatar, which exported goods worth $54.6 million (Sh5.4 billion) to Kenya in 2015 according to latest figures.
This MoU entails both the parties to implement joint and specialised training programmes in the fields of accounting, auditing, and other related fields.
Chaired by AbdulAziz Al Ghurair, Chairman of the UBF, the BoD commended the recent laws and regulations, and highlighted the positive impact the new laws would have on the banking and financial sector as well as the national economy.
"In the past, it was prescribed in the law, so the central bank had no choice but to apply. Today, the Central Bank may say 20 per cent or 10 per cent or 30 per cent overnight," Al Ghurair said.