Unguja – In a significant move for investors, the People’s Bank of Zanzibar (PBZ) has assured a seamless process for fund collection concerning its newly introduced Sukuk bond. This announcement follows the recent launch of the Sharia-compliant Sukuk bond by the Revolutionary Government of Zanzibar.
PBZ Managing Director has emphasized the bank’s commitment to ensuring a transparent and customer-friendly investment experience. "We are dedicated to providing an efficient, accessible investment process for all," he stated.
Investors can engage with the Sukuk through PBZ branches and digital platforms, promoting wider accessibility. The Sukuk bond offers an enticing return rate of 10.5 percent per annum, appealing to those seeking lucrative opportunities.
The bank’s specialized Islamic banking division, PBZ Ikhlas, is set to offer professional advisory services to assist customers throughout the investment process. Upholding its pledge – "The People’s Bank, The People’s Choice" – PBZ guarantees a straightforward investment experience, ensuring timely fund collection and allocations aligned with Islamic banking principles.
PBZ aims to be a trusted partner in Zanizibar’s economic development, providing exceptional opportunities for customers to earn returns while contributing positively to national growth. “We invite everyone to seize this opportunity and become part of Zanzibar’s economic transformation,” he encouraged.
The government intends to utilize funds from the Sukuk bond to boost development projects on the island, expanding financing beyond traditional loans. The Minister of State in the President’s Office, Finance and Planning, highlighted that this bond provides a valuable platform for securing funds for critical infrastructure projects.
Funds accrued from the Sukuk will be allocated to Sharia-compliant initiatives, ensuring financial accountability and transparency. As the official collecting bank for this initiative, PBZ plays a vital role in supporting the developmental ambitions of Zanzibar.
"This initiative presents an exciting and secure investment opportunity for both individuals and institutions while adhering to Sharia principles," the Managing Director stated. Investing in Sukuk through PBZ allows customers to support vital government projects, fostering economic growth and enhancing financial inclusion, with competitive returns on their investments.
