Africa-Press – Tanzania. ZANZIBAR Minister of State in the President’s Office, Finance and Planning, Dr Saada Mkuya Salum has officially launched the first investor registration window for the Islamic-compliant bond, Zanzibar Sukuk.
Speaking at the launch ceremony, Dr Salum announced that the registration period will run from March 8 to April 6 this year and encouraged individuals and companies to seize the opportunity to invest.
She said that the onemonth registration window would be followed by various engagement activities aimed at raising awareness and educating stakeholders about Sukuk.
“This is an economic revolution, as we are witnessing significant interest from both local and international individuals and companies who are eager to learn more about this Sukuk bond, showing a strong intent to invest,” she said.
Dr Salum revealed that several high-profile national leaders, including President Samia Suluhu Hassan, Zanzibar’s President Dr Hussein Ali Mwinyi and Prime Minister Kassim Majaliwa, along with other government officials, have already invested in the Sukuk.
She also noted the growing global interest in the Zanzibar Sukuk, saying that the government is well-prepared to provide comprehensive information.
“The People’s Bank of Zanzibar (PBZ) has already started receiving Sukuk investments and we commend the bank for being proactive in reaching out to potential investors interested in this Shariahcompliant bond,” Dr Salum added.
She encouraged both citizens and institutions to invest in Sukuk, assuring them that it is a secure and beneficial investment. The initial target is to raise 1.115tri/- for development projects to be funded by the Sukuk.
Sheikh Mohamed Hemed Issa, Executive Chairman of Yusra Sukuk Co Ltd, the advisory firm for the project, said that 12 major projects will be implemented through Sukuk investments.
Among these projects are three under the Ministry of Blue Economy and Fisheries, seven under the Ministry of Infrastructure, Communications and Transport and one each under the Ministries of Health and Water, Energy and Minerals.
“The funds raised will be used to execute these projects. These are large-scale, strategic projects and once completed, they will be labeled as Sukukfunded initiatives so that every investor can see how their money is being utilised,” said Sheikh Issa.
He noted some key projects to be funded by Sukuk, including fish markets in Kama, Fungu-Refu and Mkoani; a new cancer unit at Binguni; electricity loss management initiatives; and various road construction projects.
The road construction projects, estimated at 498.4bn/-, include: Mchomanne–Wawi to Votongoi (7 km), Chwaka– Kilindi to Sokoni (23 km), Kizimbani–Kiboje–Unguja Ukuu–Uzi Ngambwa, Kitogani–Mkwajuni–Matemwe and Kizimkazi–Makunduchi.
Other significant Sukukfunded projects include: Mangapwani multipurpose port (399.8bn/-), construction of Terminal II at Zanzibar Airport (62.4bn/-) and 159bn/- set aside for repaying Sukuk investors
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