Mr Sadati Musa, director of financial sector supervision at the Bank of Tanzania (BoT), who attended the inauguration of the first Islamic bond issued by KCB Bank Tanzania, stated that banks play an important role in facilitating private sector financing and stimulating economic activity.The bond, dubbed “KCB Fursa Sukuk,” is Sharia-compliant and aims to raise Sh10 billion to fund the lender’s Islamic banking portfolio.
Mr Musa said banks have a key role in facilitating the financing of the private sector and stimulating economic activity within a country. “Products like Sukuk support the government’s efforts in growing the economy. “I would encourage banks to improve their service delivery, which can be done by increasing creativity, such as using technology and expanding services even to rural areas,” said Mr. Musa, who was speaking on behalf of central bank governor Prof Florens Luoga.
Mr Nicodemus Mkama, CEO of the Capital Markets and Securities Authority (CMSA), stated that having multiple products in the financial markets facilitated market expansion and aided in investment and business growth.”It is also part of the CMSA’s five-year strategic plan, which aims to increase the number of capital markets products and facilitate the appropriate use of opportunities to promote socioeconomic development,” he added.
According to KCB Bank Tanzania’s managing director, Cosmas Kimario, the bank’s first public Islamic bond, which started yesterday (November 9 this year), will be closed on December 5 next month.
“While the minimum initiation investments will start at Sh500,000, the expected return will be 8.75 percent per annum, paid quarterly,” said Mr Kimario, adding that after the initial offering, the Sukuk will be listed on the Dar es Salaam Stock Exchange (DSE). The Fursa Sukuk is endorsed by the Shariah advisory board of the Center for Islamic Finance, Compliance, and Advice (CIFCA) and by the independent Shariah advisory board of KCB Sahl Banking, the bank said.
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Africa: Rwanda Gets a Grip Of Marburg, But Mpox ‘Not Yet Under Control’
Monrovia — The Rwanda Minister of State responsible for Health, Dr. Yvan Butera, cautioned that while the country is beginning to see positive signals in its fight against the Marburg virus, the outbreak is “not yet over”. He, however, expressed hope that “we are headed in that direction”. The minister said the epidemiology trend, since the disease was first discovered in the country more than a month ago, is moving towards fewer cases.
Dr. Butera, who was giving updates during an online briefing yesterday, said in the past two weeks, only two deaths were recorded while 14 people recovered from the disease. He said Rwanda was expanding its testing capacity with 16,000 people already inoculated against the disease.
The priority right now, Butera said, is “rapid testing and detection”.
Marburg is a highly virulent disease transmitted through human-to-human contact or contact with an infected animal. The fatality rate of cases, which has varied over the period, is more than 50%, according to the World Health Organization. WHO said the highest number of new confirmed cases in Rwanda were reported in the first two weeks of the outbreak. There’s been a “sharp decline” in the last few weeks, with the country now tackling over 60 cases.
At Thursday’s briefing, a senior official of the Africa Centers for Disease Control, Dr. Ngashi Ngongo, said mpox – the other infectious disease outbreak that countries in the region are fighting – was been reported in 19 countries, with Mauritius being the latest country to confirm a case. He said although no new cases have been recorded in recent weeks in several countries where outbreaks occurred previously – including Cameroon, South Africa, Guinea, and Gabon – Uganda confirmed its first Mpox death. This, he said, is one of two fatalities reported outside Central Africa.
Dr. Ngashi revealed that there was an increase in cases in Liberia and Uganda. He said mpox cases were still on an upward trend.
“The situation is not yet under control.”
Source: allafrica.com
