Mwinyi vows strong returns on Sukuk projects
ZANZIBAR: ZANZIBAR has installed firm control and follow-up mechanism in the implementation of Zanzibar Sukuk financed projects, President Hussein Mwinyi has assured.
Speaking at the closure of the first investment phase of the bond here yesterday, Dr Mwinyi assured that the raised fund will be directly directed to the execution of strategic and high return development projects.
Minister of State, President’s Office, Finance and Planning Dr Saada Mkuya Salum presented the investment certificates to Union President Samia Suluhu Hassan and Zanzibar’s Dr Mwinyi as strategic investors in the bond.
President Samia’s daughter Wanu, received the certificate on behalf of her mother, while President Mwinyi received his in person.
Dr Mwinyi assured that the raised funds will be directly directed to execution of strategic and high return development projects, including road infrastructure in Unguja and Pemba, Mangapwani integrated port, Binguni Cancer consolidated centre and completion of construction works at passenger building at Abeid Amani Karume International Airport’s terminal two.
He described the great success in the first phase of the bond auction as testimony of Zanzibar being the learning centre for East Africa and other African countries in administration of the bond.
President Mwinyi said the bond’s success in the first phase is testimony to the revolutionary government’s firm commitment to inclusive economy that incorporates domestic and foreign investors.
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He assured investors that the annual earnings of 10.5 per cent and the 4.2 per cent on Tanzanian shilling and US dollar investors, respectively and the capital invested in seven years will be availed as provided in the investment contract.
Minister Mkuya said over 381bn/-, 128 per cent of the 300bn/- target, was raised in the first phase of the Islamic bond, described as highly attractive because it avoids interest, tax deductions and conflicts with Islamic principles, offering an ethical investment opportunity for both local and foreign investors.
