Unguja. The total investment value of the capital markets has surged to Sh42.91 trillion as of May this year, marking a significant increase from Sh35.58 trillion recorded during the same period in 2023.
This represents a robust 20.6 percent growth.
Moreover, the investment value of mutual funds has increased substantially by 45.1 percent to reach Sh2.19 trillion, compared to Sh1.51 trillion in May 2023.
This was revealed by the Director of Policy Planning and Research at the Capital Markets and Securities Authority (CMSA), Mr Alfred Mkombo, during the launch of Zan Securities Zanzibar’s Mutual Fund (Timiza Fund).
Timiza Funda, which is the first of its kind and headquartered in Zanzibar, was launched on Wednesday, June 12, 2024.
Speaking during the event, Mr Mkombo highlighted the role of government support in driving growth in the capital and financial markets.
He emphasised that mutual funds play a vital role in enabling various individuals to access financial markets through professional guidance, contributing to an inclusive financial service plan.
Mr Mkombo noted that having such funds contributes to the inclusive financial service plan so that citizens can participate in these official service funds, which the authority currently oversees through the UTT fund.
The Chief Business Development Officer of the Dar es Salaam Stock Exchange (DSE) Emmanuel Nyalali emphasised how markets facilitate investment and savings growth among Tanzanians.
He encouraged retirees to consider investing in mutual funds, emphasising their safety and government regulation.
“One place where you can invest without worry is in the stock and bond markets because those who run these funds are government-regulated, so you are sure that you are investing properly. Later, when you retire, you won’t struggle with a business you’ve never done in your life,” he said.
The Zan Security chief executive officer, Raphael Masumbuko, discussed the institution’s growth since its establishment in 2009 and its role in the financial services sector.
He underscored the importance of financial services in driving economic development.
Launching the fund, Zanzibar’s Deputy Minister of Finance and Planning, Juma Makungu Juma, highlighted the fund’s significance in promoting financial stability and inclusive economic growth.
He noted that Zan Securities would be the third institution approved by CMSA to operate a mutual investment fund and the first to be managed by a holder of three different licenses, making it a unique private fund.
“Zan Securities will be the third institution to operate an approved mutual investment fund by CMSA, and it will be the first to be managed and supervised by a holder of three different licenses from the authority, making it the first private and unique fund,” said Makungu.
The Timiza Fund will offer units at Sh100 each, with a minimum investment of Sh10,000, providing an opportunity for more people, especially those with low incomes, to participate and contribute to an inclusive economy.
“This means the fund will provide an opportunity for more people, especially those with low incomes, to participate, not only increasing inclusive users of financial services but also increasing the level of an inclusive economy,” he concluded.
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Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.
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“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.
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The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.
In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.
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The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.
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Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.
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