Pemba. The Opposition party ACT- Wazalendo- Zanzibar has stated that the struggle against oppressive systems and the pursuit of transformative change should never be defined by individual outcomes.
Speaking at the Kambini Grounds in Wete—where Maalim Seif Sharif Hamad last appeared before his arrest on May 11, 1989—ACT party Vice Chairman Ismail Jussa Ladhu urged the youth to emulate the selflessness of their former leader.
“Maalim Seif and others who initiated this struggle sacrificed a lot. Maalim spent 30 months of detention at at Kiinua Miguu Maximum Security Prison for daring to challenge the party hierarchy. He was committed to defending the interests of Zanzibar, even as Chief Minister, where he held significant power as the second most influential figure after the President,” Jussa stated.
Others arrested that day included Rashi Ali Dadi and Hamad Haji Hamad; however, two months later, charges against them were dropped, leaving Maalim as the sole accused, enduring the ordeal until November 1991.
“Our coat of arms, the presidential flag, and the liberalization of the business environment were initiatives started by Maalim, who wanted Zanzibar to have its own identity,” he explained. He noted that prior to these efforts, Zanzibar was referred to as Tanzania Isles, a designation that did not distinguish it from other islands like Ukerewe or Mafia.
These initiatives, he added, did not endear Maalim to the ruling party’s top administration, as he was viewed as an adversary to the Ujamaa policy and the Arusha Declaration, the cornerstone of Tanzania’s governance under Mwalimu Julius Nyerere.
Jussa also paid tribute to former President Dr Salmini Amour Juma for advocating Zanzibar’s membership in the Organization of Islamic Cooperation (OIC) and for his push for Zanzibar to become an independent member of the East African Community.
On the final day of the Pemba tour, party Chairman Othman Masoud Othman called on the police to cease falsely accusing individuals of baseless charges.
His remarks followed reports that one of the party’s members had been summoned for interrogation after a rally in Micheweni.
“Such charges were eliminated when President Karume established the office of the Director of Public Prosecutions (DPP) and appointed me as the first DPP. At that time, we uncovered hundreds of baseless cases,” he said.
Othman further emphasized that ongoing economic stagnation is partly due to the failure to implement the Joint Finance Commission (JFC) report since its submission in 2006, attributed to a lack of goodwill in resolving Union issues.
The party’s rallies in Pemba coincide with the second phase of the mainland tour, which began on September 11. This initiative aims to strengthen grassroots engagement and rally support for the upcoming local government elections scheduled for November 2024.
The first phase of the tour took place from July 22 to August 17, 2024, covering 125 constituencies across 22 regions.
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Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
