Tanzania gets first Shariah-compliant investment scheme

Tanzania gets first Shariah-compliant investment scheme

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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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%.

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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