CRDB Bank announced that its Al Barakah Sukuk Bond raised TZS 125.4 billion and USD 32.3 million after being oversubscribed by 418% and 646% on the Dar es Salaam Stock Exchange and surpassing its original targets of TZS 30 billion and USD 5 million. The Sukuk attracted more than one thousand investors from Tanzania and abroad.
The Bank confirmed that the Sukuk attracted more than 1,000 investors, including individuals, institutions, religious groups, and international participants from over seven countries. More than TZS 70 billion was invested by individual Tanzanians, while over TZS 50 billion came from international investors.
The issuance forms part of the Bank’s long-term plan to mobilize USD 300 million over five years through Shariah-compliant instruments to support development projects, expand financing for small and medium enterprises, and broaden financial inclusion. The Sukuk’s listing provides investors with access to a regulated secondary market for trading and long-term ethical investment opportunities. The Deputy Permanent Secretary in the Ministry of Finance, Dr. Elijah Mwandumbya, officiated the listing ceremony and described the achievement as a milestone for the country’s capital markets.
Read more at: https://www.tanzaniainvest.com/finance/capitalmarkets/crdb-al-barakah-sukuk-bond-oversubscription
