Dar es Salaam. KCB Bank Tanzania is targeting to raise Sh10 billion in the bank’s maiden Islamic bond, scheduled to open today.
Dubbed “Fursa Sukuk,” the Sharia-compliant financial product will be open to both retail and corporate investors, the bank said in a statement yesterday.
“KCB Fursa Sukuk provides opportunities for Tanzanian and non-Tanzanian individuals, retailers, corporations, and institutions to invest in the capital markets for three years at an expected return of 8.75 percent per annum, quarterly,” the bank said in a statement signed by its managing director, Cosmas Kimaro.
KCB is one of the banks that offers Islamic banking services through its Sahl Banking segment.
The public offering will be closed on December 5 this year, and the funds will be used to finance KCB’s Sahl Banking asset portfolio.
The minimum initiation investment will start at Sh500,000, the bank stated.
“After the initial public offer period, the Sukuk will be listed at the Dar es Salaam Stock Exchange (DSE),” said Mr Kimario.
This first public Islamic bond for the KCB Bank Tanzania comes as other lenders have recently opened bonds to the financial markets.
Earlier this year, NMB Bank Plc (“NMB”) debuted its Jasiri Bond to raise Sh25 billion for gender empowerment through financing women-owned or women-controlled enterprises.
The National Bank of Commerce (NBC) offered a Twiga Bond that is targeting to raise Sh300 billion in the next five years to boost business financing and other economic activities, specifically for small, medium enterprises (SMEs).
Speaking to The Citizen, financial analyst and Exodus Advisory’s chief executive officer, Ramadhani Kagwandi, said the introduction of the new products is attributed to the growing demand in the market.
“There are different types of investors in the market: those who seek profits and those whom we call ethical investors who inject funds into instruments like Sukuk based on their own principles and ethical beliefs,” he said.
“There are also investors who want to invest in a particular cause, such as in bonds that promote social welfare or governance. Having different options to cater to all these demands is a good thing for the market,” said Mr Kagwandi. He said that considering the initial oversubscriptions of the instruments that came before KCB’s Fursa Sukuk, investors have shown a high appetite, thus showing positive prospects during its issuance.
The first Sukuk bond in the country was offered by Imaan Finance Limited last year, with its initial auction oversubscribed by 36 percent as the company sought to collect Sh2 billion, but ended up receiving a total of Sh2.72 billion in bids.
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Tanzania Confirms Outbreak of Marburg Virus Disease
Dodoma — Tanzania today confirmed an outbreak of Marburg virus disease in the northwestern Kagera region after one case tested positive for the virus following investigations and laboratory analysis of suspected cases of the disease.
President of the Republic of Tanzania, Her Excellency Samia Suluhu Hassan, made the announcement during a press briefing alongside World Health Organization (WHO) Director-General, Dr Tedros Adhanom Ghebreyesus, in the country’s administrative capital Dodoma.
“Laboratory tests conducted in Kabaile Mobile Laboratory in Kagera and later confirmed in Dar es Salaam identified one patient as being infected with the Marburg virus. Fortunately, the remaining suspected patients tested negative,” the president said. “We have demonstrated in the past our ability to contain a similar outbreak and are determined to do the same this time around.”
A total of 25 suspected cases have been reported as of 20 January 2025, all of whom have tested negative and are currently under close follow-up, the president said. The cases have been reported in Biharamulo and Muleba districts in Kagera.
“We have resolved to reassure the general public in Tanzania and the international community as a whole of our collective determination to address the global health challenges, including the Marburg virus disease,” said H.E President Hassan.
WHO is supporting Tanzanian health authorities to enhance key outbreak control measures including disease surveillance, testing, treatment, infection prevention and control, case management, as well as increasing public awareness among communities to prevent further spread of the virus.
“WHO, working with its partners, is committed to supporting the government of Tanzania to bring the outbreak under control as soon as possible, and to build a healthier, safer, fairer future for all the people of Tanzania,” said Dr Tedros. “Now is a time for collaboration, and commitment, to protecting the health of all people in Tanzania, and the region, from the risks posed by this disease.”
Marburg virus disease is highly virulent and causes haemorrhagic fever. It belongs to the same family as the virus that causes Ebola virus disease. Illness caused by Marburg virus begins abruptly. Patients present with high fever, severe headache and severe malaise. They may develop severe haemorrhagic symptoms within seven days.
“The declaration by the president and the measures being taken by the government are crucial in addressing the threat of this disease at the local and national levels as well as preventing potential cross-border spread,” said Dr Matshidiso Moeti, WHO Regional Director for Africa. “Our priority is to support the government to rapidly scale up measures to effectively respond to this outbreak and safeguard the health of the population,”
Tanzania previously reported an outbreak of Marburg in March 2023 – the country’s first – in Kagera region, in which a total of nine cases (eight confirmed and one probable) and six deaths were reported, with a case fatality ratio of 67%.
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In the African region, previous outbreaks and sporadic cases have been reported in Angola, the Democratic Republic of the Congo, Ghana, Kenya, Equatorial Guinea, Rwanda, South Africa and Uganda.
Marburg virus is transmitted to people from fruit bats and spreads among humans through direct contact with the bodily fluids of infected people, surfaces and materials. Although several promising candidate medical countermeasures are currently undergoing clinical trials, there is no licensed treatment or vaccine for effective management or prevention of Marburg virus disease. However, early access to treatment and supportive care – rehydration with oral or intravenous fluids – and treatment of specific symptoms, improve survival.
Source: allafrica.com
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