PBZ to facilitate investment in Zbar’s Sukuk bond

ZANZIBAR: THE People’s Bank of Zanzibar (PBZ) has been selected to facilitate investments in the upcoming Sukuk bond, offering a streamlined process that supports financial inclusivity and the island’s development.

The introduction of this Sukuk bond is expected to attract both local and international investors, further strengthening Zanzibar’s financial market and contributing to its economic growth.

PBZ Managing Director, Mr Arafat Ally Haji (pictured), said over the weekend, following the launch of the board, the Zanzibar government, that the bond is forthcoming.

“PBZ is committed to providing a seamless, transparent and customer-friendly investment process,” Mr Haji told journalists.

He explained that investors could participate in the Sukuk bond through PBZ branches and digital platforms, ensuring easy accessibility from anywhere.

“The bank’s dedicated Islamic banking division, PBZ Ikhlas, offers expert advisory services to guide customers throughout the investment process.

“We guarantee a straightforward and efficient investment process, in line with our slogan ‘The People’s Bank, The People’s Choice’ ensuring timely collection and allocation of funds while upholding the highest standards of compliance with Islamic banking principles,” he said.

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Mr Haji expressed the bank’s pride in being a trusted partner in isles’ economic growth, offering customers a unique opportunity to earn lucrative returns while contributing to national development.

The Minister of State in the President’s Office (Finance and Planning), Dr Saada Mkuya, said that the Isles government is using the Sukuk bond to mobilise funds for key development projects.

“The funds raised will be invested in Sharia-compliant projects, ensuring accountability and transparency,” Dr Mkuya said.

The bond expands financing options beyond traditional loans, allowing the government to secure funds for infrastructure projects while adhering to Sharia principles.

As the official collecting bank for the Sukuk initiative, PBZ plays a crucial role in supporting Zanzibar’s development.

The bond offers a secure opportunity for individuals and institutions to invest in government-backed projects while adhering to Islamic principles.

Investors in the Sukuk can expect competitive returns of 10.5 per cent per annum, making it one of the most rewarding investment opportunities in the market, while also contributing to strategic national projects in infrastructure, energy and social development.