Tanzania: President Samia Approves Three Bills Into Law

Tanzania: President Samia Approves Three Bills Into Law

DODOMA — President Samia Suluhu Hassan has approved three bills into law, Prime Minister Kassim Majaliwa disclosed to lawmakers in Dodoma on Friday.

Adjoining the 12th Parliamentary meeting in the capital city, the Premier said the Head of State approved the Financial Bill No. 6 of 2024 and the Appropriation Bill No. 5 of 2024 into law.

“In this Parliament, members had the opportunity to discuss various bills brought before the Parliament and read them a second and third time,” the Premier noted.

Additionally, the Premier stated that in the recently concluded Parliament meeting, the law-making body received two bills which were read for the first time.

He mentioned these bills as the Tanzania Broadcasting Corporation (TBC) Bill of 2024 and the Written Laws Miscellaneous Amendments No. 3 Bill of 2024.

However, Mr Majaliwa also mentioned eight other bills that were discussed and passed by the lawmakers:

· The Law School of Tanzania Amendment Bill 2024

· The Airports Law Bill of 2024

· The Social Security Amendment Bill of 2024

· The Child Protection Laws and Civilian Amendments Bill of 2024

· The Prevention and Combating of Corruption Amendment Bill of 2024

· The Fair Competition Amendment Bill of 2024

· The Written Laws Miscellaneous Amendment Bill of 2024

· The Written Laws Miscellaneous Amendments No. 2 Bill of 2024.

“The Parliament has done a great job debating these bills and facilitating the enactment of laws that have passed through all procedures.

During the debates, we witnessed lawmakers giving opinions, offering advice, and making amendments to the proposed laws in the submitted bills,” the Prime Minister noted after outlining the bills.

Source: allafrica.com

Original Media Source

Share this news

Facebook
Twitter
LinkedIn
WhatsApp

This Year's Most Read News Stories

Britam half-year net profit hits Sh2bn on higher investment income
Tanzania Foreign Investment News
Chief Editor

Britam half-year net profit hits Sh2bn on higher investment income

Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.

The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.

“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.

“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”

The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.

Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.

The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.

Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.

The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.

Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.

“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.

Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.

Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.

CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.

Continue Reading