KCB Bank launched its first public bond dubbed ‘Fursa Sukuk’ offering an advantageous investment opportunity to Tanzanians with a minimum capital of TSh 500,000.
Fursa Sukuk is a Shariah compliant bond with three years maturity period that offer profit return of 8.75 percent per year.
Speaking during the launch, KCB Bank Managing Director Mr. Cosmas Kimario said the aim of the bond is to raise of TSh10 billion (minimum) from retail and corporate investors that will be used to finance KCB Sahl Banking sharia-compliant asset portfolio.
The funds to be raised will be utilized in KCB Sahl Banking sharia-compliant financing and investment activities in line with its business strategy.
“This is an advantageous investment opportunity that is open for everyone. Buying this bond guarantees you a return of 8.75 percent per year and the profit payment will be done four times in a year (every quarter). Anyone can buy Fursa Sukuk at a minimum rate of TSh500,000,” he said.
KCB Sahl Banking provides financial services that are interest-free to its customers including individuals, businesses, companies, groups, parents, children, workers, students and so on.
Mr. Kimario invited Tanzanians to grab the opportunity that gives value for money in a short period of three years compared to other bonds.
KCB Bank Group is the largest bank in East and Middle Africa established in 1896 in Zanzibar. It then went to Kenya and back to Tanzania in 1997, then to Uganda, South Sudan, Rwanda, Burundi, Ethiopia and soon opening doors in Congo DRC.
On his side, The Head of Islamic Banking ‘Sahl Banking’, Mr. Amour Muro said the fund raised will be directed to finance business and services that are Shariah compliant and the profit generated will be distributed to the investors.
“The profit that will be collected from KCB Sahl Banking will be distributed to the investors as dividend through Mudharaba contract. Mudharaba is a profit-sharing contractual arrangement between an investor (Rab al Maal) and a managing trustee (Mudarrib) whereby the bank is in charge of profit making within a certain period and thereafter the profit will be shared to investors at the agreed rate,” he said.
He added that, interested investors will have to fill the application forms available at KCB branches across the country and CRDB Bank or brokers offices and DSE who have license from Capital Market and Securities Authority (CMSA) or through KCB website: https://tz.kcbgroup.com/kcb-sahl-tz/fursa-sukuk.
“Fursa Sukuk offer is open from today 9th November 2022 and it will be closed on 5th of December 2022. After the first initial period, Fursa Sukuk will be listed in the Dar es Salaam Stock Exchange Market (DSE),” he marked.
Applications will be marked as complete after making payment to the special account of KCB Bank Tanzania or CRDB Bank at bank hall (branch), electronic transaction or mobile money.
We invite everyone to buy Fursa Sukuk.
For more details and inquires contact 0766 509 640
