{"id":35182,"date":"2021-08-19T13:51:52","date_gmt":"2021-08-19T13:51:52","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=35182"},"modified":"2021-08-19T13:48:08","modified_gmt":"2021-08-19T13:48:08","slug":"first-islamic-bond-in-tanzana-is-oversubscribed","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/first-islamic-bond-in-tanzana-is-oversubscribed","title":{"rendered":"First Islamic bond in Tanzana is oversubscribed"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>Dar es Salaam.<\/b><\/p>\n

The maiden Sukuk bond to have been issued in Tanzania was oversubscribed last week as investors\u2019 appetite for assorted investment avenues remains high.<\/p>\n

Sukuk is the Arabic name for financial certificates, also commonly referred to as sharia compliant bonds.<\/p>\n

They are simply securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets.<\/p>\n

The bond, issued by Imaan Finance Limited, was oversubscribed by 36 percent last week, market data shows.<\/p>\n

The company sought to collect Sh2 billion, but ended up receiving a total of Sh2.72 billion in bids. With a greenshoe option of Sh1 billion, the company will take all the amount as per the agreement.<\/p>\n

The company issued the bond to grow its loan portfolio under sharia principles.<\/p>\n

\u201cThough the oversubscription was not too big, it shows that there is huge demand for such investment avenues in the country,\u201d said Fimco Limited chief executive Ivan Tarimo.<\/p>\n

Both institutional and individual investors took part in the exercise.<\/p>\n

According Mr Tarimo, the performance of the maiden Sukuk bond shows that there was big demand that would capture people who previously avoided investing their money in avenues that attract interest.<\/p>\n

\u201cIt\u2019s important that this Sikuk should not be the last in order to continue capturing people who are still interested in participation in such financial assets. It will help sharia-compliant institutions to grow their investor bases, and thus contribute immensely to inclusion endeavours,\u201d he said.<\/p>\n

An economist, Mr Abel Kinyondo, said that the decision by Imaan showed great innovation in the banking sector.<\/p>\n

\u201cIt\u2019s a new development that should be protected because we have only been used to government securities and corporate bonds,\u201d he said.<\/p>\n

The decision means that lenders should be willing to go a little further into new avenues, and do away with \u201crisk averse\u2019 thinking.<\/p>\n

Independent economist Christopher Makombe said the Sukuk bond gives religious-conscious investors an alternative investment avenue.<\/p>\n

\u201cThe oversubscription shows there is sizeable demand for the bonds in the country, especially for groups that were not looking for returns, and are sticking to sharia principles,\u201d he said.<\/p>\n

Capital Markets and Securities Authority (CMSA) public relations manager Charles Shirima told The Citizen that Sukuk was a new product, but going by how it was received, appetite was high.<\/p>\n

\u201cThe issuance was received with high demand calling for more issuance of bonds of this kind,\u2019\u2019 he said.<\/p>\n

Imaan Finance chief executive Faiz Arab said the CMSA\u2019s approval gave the mandate to issue a Sukuk Wakala of Sh2 billion with a greenshoe option by way of private placement.<\/p>\n

The offer was opened to selected private investors on July 26 and closed on August 9.<\/p>\n

\u201cImaan is pleased to announce the successful subscription of the Sukuk, whereby Sh2,720,000,000 has been raised, representing a subscription level of 36 percent compared to the planned amount of Sh2 billion,\u201d he said.<\/p>\n

Imaan will exercise the greenshoe option for the oversubscribed amount of Sh720 million.<\/p>\n

The Sukuk will be allotted to the holders on August 11, 2021 and on August 20 Sukuk Wakala Certificates will be dispatched to respective holders.<\/p>\n

\u201c<\/p>\n

The Management of Imaan Finance Limited would like to thank and acknowledge the guidance and support provided by Bank of Tanzania (BoT) and CMSA and the efforts made by all parties involved in making the first Sukuk issuance in Tanzania a success,\u201d the bank said<\/p>\n

These include FIMCO Limited, the Lead Arranger; ARS Law and Advisories, Legal Adviser; CRDB Bank PLC, Receiving Bank and Registrar as well as the shareholders, board and staff of Imaan.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. Dar es Salaam. The maiden Sukuk bond to have been issued in Tanzania was oversubscribed last week as investors\u2019 appetite for assorted investment avenues remains high. Sukuk is the Arabic name for financial certificates, also commonly referred to as sharia compliant bonds. They are simply securities of equal denomination representing individual ownership […]<\/p>\n","protected":false},"author":84,"featured_media":35181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[6990,6991,711],"class_list":["post-35182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nFirst Islamic bond in Tanzana is oversubscribed - Tanzania<\/title>\n<meta name=\"description\" content=\"Dar es Salaam. 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