PBZ to facilitate investment in Zanzibar’s Sukuk bond

PBZ to facilitate investment in Zanzibar’s Sukuk bond

Unguja. The People’s Bank of Zanzibar (PBZ) said at the weekend that investors should expect a seamless process in collecting funds for the newly introduced Sukuk bond.

A statement by the PBZ managing Director, Mr Arafat Haji , followed the launch of the Sharia-compliant Sukuk bond by the Revolutionary Government of Zanzibar last week.

“PBZ is committed to ensuring a seamless, transparent and customer-friendly investment process,” Mr Haji told journalists.

Investors can participate in Sukuk through PBZ branches and digital platforms, ensuring accessibility from anywhere. Sukuk bond offers an attractive return rate of 10.5 percent per annum.

“The bank’s dedicated Islamic banking division, PBZ Ikhlas, offers professional advisory services to guide customers through the investment process. In line with our slogan – The People’s Bank, The People’s Choice – we also guarantee a straightforward and efficient investment process, ensuring timely collection and allocation of funds while upholding the highest standards of compliance with Islamic banking principles,” he said.

Mr Haji said that PBZ takes pride in being a trusted financial partner in Zanzibar’s economic growth, providing customers with an unparalleled opportunity to earn lucrative returns while contributing to national development.

“PBZ invites all customers to take advantage of this opportunity and become part of Zanzibar’s economic transformation,” he added.

The government is leveraging the Sukuk bond to mobilise funds for development projects on the island. The initiative aims to expand financing options beyond traditional loans, according to the minister of State in the President’s Office (Finance and Planning), Dr Saada Mkuya.

Speaking at the Sukuk Bond Board in Zanzibar last week, Dr Mkuya said the introduction of the bond would provide a broader platform for the government to secure funding for key infrastructure projects.

“The funds raised through this bond will be invested in projects that comply with Sharia principles, ensuring accountability and transparency in financial management,” Dr Mkuya said.

As the official collecting bank for the Sukuk investment initiative, launched under the Treasury of the Revolutionary Government of Zanzibar, PBZ plays a pivotal role in supporting the country’s development efforts.

“This initiative offers an exciting and secure opportunity for individuals and institutions to invest in government-backed projects while adhering to Sharia principles,” said Mr Haji.

“By investing in Sukuk through PBZ, customers contribute to the development of key government projects, fostering economic growth and financial inclusion. Investors can expect competitive returns on their funds while supporting strategic national initiatives in infrastructure, energy, and social development.”

Original Media Source

Share this news

Facebook
Twitter
LinkedIn
WhatsApp

This Year's Most Read News Stories

Tanzania Confirms Second Marburg Outbreak After WHO Chief Visit
Tanzania Foreign Investment News
Chief Editor

Tanzania Confirms Second Marburg Outbreak After WHO Chief Visit

Dar es Salaam — Tanzania’s President Samia Suluhu Hassan has declared an outbreak of Marburg virus, confirming a single case in the northwestern region of Kagera after a meeting with WHO director-general Tedros Adhanom Ghebreyesus.

The confirmation follows days of speculation about a possible outbreak in the region, after the WHO reported a number of deaths suspected to be linked to the highly infectious disease.

While Tanzania’s Ministry of Health declared last week that all suspected cases had tested negative for Marburg, the WHO called for additional testing at international reference laboratories.

“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”Amelia Clemence, public health researcher

Subsequent laboratory tests conducted at Kagera’s Kabaile Mobile Laboratory and confirmed in Dar es Salaam identified one positive case, while 25 other suspected cases tested negative, the president told a press conference in Dodoma, in the east of the country today (Monday).

“The epicentre has now shifted to Biharamulo district of Kagera,” she told the press conference, distinguishing this outbreak from the previous one centred in Bukoba district.

Tedros said the WHO would release US$3 million from its emergencies contingency fund to support efforts to contain the outbreak.

Health authorities stepped up surveillance and deployed emergency response teams after the WHO raised the alarm about nine suspected cases in the region, including eight deaths.

The suspected cases displayed symptoms consistent with Marburg infection, including headache, high fever, diarrhoea, and haemorrhagic complications, according to the WHO’s alert to member countries on 14 January. The organisation noted a case fatality rate of 89 per cent among the suspected cases.

“We appreciate the swift attention accorded by the WHO,” Hassan said.

She said her administration immediately investigated the WHO’s alert.

“The government took several measures, including the investigation of suspected individuals and the deployment of emergency response teams,” she added.

Cross-border transmission

The emergence of this case in a region that experienced Tanzania’s first-ever Marburg outbreak in March 2023 has raised concerns about cross-border transmission, particularly following Rwanda’s recent outbreak that infected 66 people and killed 15 before being declared over in December 2024.

The situation is particularly critical given Kagera’s position as a transport hub connecting four East African nations.

Amelia Clemence, a public health researcher working in the region, says constant vigilance is required.

“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”

The Kagera region’s ecosystem, home to fruit bats that serve as natural reservoirs for the Marburg virus, adds another layer of complexity to disease surveillance efforts.

The virus, closely related to Ebola, spreads through contact with bodily fluids and can cause severe haemorrhagic fever.

Transparency urged

Elizabeth Sanga, shadow minister of health for Tanzania’s ACT Wazalendo opposition party, says greater transparency would help guide public health measures.

“This could have helped to guide those who are traveling to the affected region to be more vigilant and prevent the risk of further spread,” she said.

WHO regional director for Africa Matshidiso Moeti says early notification of investigation outcomes is important.

“We stand ready to support the government in its efforts to investigate and ensure that measures are in place for an effective and rapid response,” she said, noting that existing national capacities built from previous health emergencies could be quickly mobilised.

The situation coincides with leadership changes in Tanzania’s Ministry of Health, with both the chief medical officer and permanent secretary being replaced.

This piece was produced by SciDev.Net’s Sub-Saharan Africa English desk.

Source: allafrica.com

Continue Reading