Dar es Salaam. Tanzania’s capital markets welcomed a new addition yesterday with the launch of the Alpha Halal Fund, a Shariah-compliant collective investment scheme introduced by Alpha Capital-Tanzania, a brokerage firm and fund manager.
The fund aims to provide investors with ethical investment opportunities that adhere strictly to Islamic law. Targeting equities, Shariah-compliant listed funds, and other permissible investments, Alpha Capital-Tanzania seeks to diversify the investment landscape through this new offering.
“This is a significant step towards including investors who have traditionally been left out of capital markets due to the absence of products or services that align with their ethical or religious standards,” said Alpha Capital chief executive Mr Gerase Kamugisha.
Alpha Capital chief executive Mr Gerase Kamugisha
According to Kamugisha, the fund aims to raise about Sh10 billion by October 17, 2024, with contributions expected from both local and international investors.
Gracing the event, deputy Minister of State in the President’s Office (Planning and Investment), Mr Stanslaus Nyongo, emphasised the importance of the Halal Fund in broadening the scope of investment in Tanzania.
“The fund would not only increase savings and capital accumulation within the economy but also open new doors for the investment community in Tanzania by offering diverse investment options,” he said.
Mr Nyongo expressed optimism that the fund would attract a wide range of investors, both for ethical reasons and due to its potential for financial returns.
He said the fund is expected to draw significant foreign capital, thereby enhancing liquidity in Tanzania’s capital markets, which would benefit individuals and companies seeking investment for various sectors of the economy.
The Capital Markets and Securities Authority (CMSA) granted approval for the fund’s Offer Document and Operational Agreement on April 16, 2024, the regulator said.
CMSA chief executive, Mr Nicodemus Mkama, confirmed that the fund meets all legal and regulatory requirements under Tanzania’s Capital Markets and Securities Act and adheres to the guidelines for collective investment schemes.
“The fund provides an opportunity for small, medium, and large investors to pool their resources and invest collectively in Sharia-compliant capital market opportunities,” he said.
He underscored that the fund is managed by Global Alpha Capital Limited, with CRDB Bank serving as the custodian, ensuring the fund’s compliance with ethical finance principles.
According to him, the Alpha Halal Fund is designed to align with ethical finance principles, strictly prohibiting investments in activities such as alcohol production, gambling, and high-risk ventures.
“These principles ensure that all investments are backed by tangible assets and that the benefits of the investments are equitably shared among all stakeholders,” he 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
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