Dar es Salaam. Zanzibar’s President, Dr Hussein Mwinyi has officially launched the Sukuk bond seeking to raise Sh1.1 trillion to fund development projects.
Sukuk Bond is a financial product whose terms and structures comply with sharia and is designed to address funding challenges facing the execution of development projects in the Isles.
Unlike conventional bonds that involve paying interest, Sukuk avoids interest payments and is structured according to Islamic principles of fairness, ethical investing, and profit-sharing.
Projects to be funded by the Islamic bond include the construction of Terminal 4 at Abeid Amani Karume International Airport, housing developments in both Unguja and Pemba, the construction of a modern fish market, and the purchase of large fishing boats.
During the live broadcast event on Saturday, February 22, 2025, Dr Mwinyi said the current budgetary system is insufficient to fund ongoing development projects, prompting the government to seek alternative funding sources aligned with Sharia principles.
He noted that many developing countries, including Malaysia and Nigeria, have successfully adopted similar systems for funding strategic projects.
“After thorough analysis and recognising the needs of the people, the government has decided to adopt this system,” he said.
“Development banks, including the World Bank, the International Finance Corporation (IFC), and the Islamic Development Bank, have long used this approach, which has attracted many investors,” he added.
He highlighted Malaysia as an example of successful implementation and noted that while other countries are making progress, Zanzibar and East Africa are still lagging, despite having a large population eager to invest.
Furthermore, he noted that the Sukuk bond is the first of its kind, not only for Zanzibar but also for all East African Community (EAC) countries.
According to him, the bond was open to both Muslim and non-Muslim investors with the minimum investment amount is Sh1 million, making it accessible to many.
“I thank all those who have decided to invest in the development of Zanzibar and our economy,” Dr Mwinyi said.
At the event, the Minister of State in the President’s Office (Finance and Planning), Dr Saada Mkuya, explained that Sukuk bonds strictly follow Islamic principles but are open to non-Muslim investors.
She highlighted that many people had inquired about the bond’s launch and its potential to foster rapid development in Zanzibar.
“Some may say we are late, but this is the right time. The economy has grown, and people now need to invest in a way that gives them peace of mind, knowing the system aligns with their faith,” said Dr Mkuya.
Zanzibar’s Minister of Infrastructure, Communication, and Transport, Dr Khalid Mohamed, emphasised that the bond will significantly support the construction sector, which requires funding for numerous projects.
“This bond will set an example for other African countries yet to begin using such a system. It will also help position Zanzibar as a leader in creating financial products that adhere to religious principles,” said Dr Mohamed.
He encouraged both citizens and members of the diaspora to invest in the bond, urging them to avoid saving money at home or investing in unprofitable projects.
“The bond is safe and offers many benefits,” he added.
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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%.
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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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