KCB Bank Tanzania Set to Raise TZS 10 Billion Through its First Sukuk Issuance 

KCB Bank Tanzania Set to Raise TZS 10 Billion Through its First Sukuk Issuance 

https://islamicmarkets.com/articles/kcb-bank-tanzania-set-to-raise-tzs-10-billion-through
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KCB Bank Tanzania Limited (KCB Bank Tanzania) has announced its plans to raise TZS 10 billion (USD 4.3 million) via its maiden public Sukuk offering, Fursa Sukuk, as per a statement made by the bank on the 9th of November 2022.

Why it Matters?

The offering is issued at a time when other lenders have lately opened their bonds to the financial markets and the funds will be used to finance the asset portfolio owned by KCB’s Sahl Banking. The minimum initial investment for KCB’s Fursa Sukuk is TZS 500,000 (USD 214) and it offers the opportunity for Tanzanian and non-Tanzanian people, retailers, businesses, and institutions to participate in the capital markets for three years at an 8.75% projected return per annum, quarterly. According to Ramad...