Public Notice-KCB Bank

KCB Bank Tanzania

30/11/22

Descriptions



PUBLIC
NOTICE



 (This Public Notice has been approved by the
Capital Markets and Securities Authority (CMSA) pursuant to the Capital Markets
and Securities Act, Government Notice No. 15 of 1997)



 



KCB Bank Tanzania wishes to inform the general public that the Capital
Markets and Securities Authority (CMSA) in discharging its responsibilities
conferred upon it under the Capital Markets and Securities Act, Cap 79 of the
Laws of Tanzania, has approved the Information Memorandum for the issuance of a
first public Islamic Bond called ‘Fursa Sukuk’ through its Islamic window, Sahl
Banking.



‘Sukuk’
is a Shariah-compliant Islamic financial product and is equivalent to bonds in
conventional finance
offered
to both retail and corporate investors.



KCB Fursa
Sukuk
provides opportunities for Tanzanians and
non-Tanzanians, individuals, retail, corporates and institutions to invest in
capital markets for
3 years at
a
n expected return of 8.75 percent per annum, quarterly. The return paid to
investors will not be taxed.  The minimum
initial investment is TZS 500,000 with additional investment multiples of TZS
100,000 and there is no maximum investment limit. 



The
proceeds that will be raised from
KCB Fursa
Sukuk
will be used to finance KCB Sahl Banking
sharia-compliant asset portfolio within the Islamic Banking Window
and shall be commingled with other
Shari’ah compliant funds
and
invested in the General Pool of KCB Sahl banking under Mudaraba
contract with Sukuk holders who
will be owners of Sukuk funds (Rabbul Maal) and
KCB Sahl banking who will be the
Investment Manager acting on behalf of KCB
Bank Tanzania Limited (Mudarib).



Fursa
Sukuk is a Shariah-compliant investment endorsed by the Shariah Advisory Board
of the Center for Islamic Finance, Compliance and Advice (CIFCA) and by the
independent Shariah Advisory Board of KCB Sahl Banking.



Investment
is done by completing Application Form available at branches of
KCB Bank Tanzania and CRDB Bank Plc;
and offices of stockbrokers and dealers of the Dar es Salaam Stock Exchange
licensed by the Capital Markets and Securities Authority (CMSA); or from the
Bank’s website: https://tz.kcbgroup.com/kcb-sahl-tz/fursa-sukuk.
Applications are completed by making payment to KCB Bank Tanzania, Account
Name: Fursa Branch: Lumumba Branch, Account Name: Fursa Sukuk Collection
Account, Account Number: 3390977090 or to CRDB Bank Plc, Account Name: Fursa Sukuk
Collection Account, Account number: 01DI010677000

through cash deposit at bank branch; through electronic fund transfer or
through mobile phones.   



The offer
opens on
9th November
2022 and will be closed on
5th December
2022. After the initial public offer period, the
sukuk
will be listed on the Dar es Salaam Stock Exchange.



Investors
are advised to consult stockbrokers and dealers of the Dar es Salaam Stock
Exchange licensed by the Capital Markets and Securities Authority (CMSA); bank
managers; lawyers, accountants or other financial advisors for guidance and
making informed investment decisions.



Issued by:



Managing
Director,



KCB
Bank Tanzania

Limited,



Harambee Plaza Building,



Ali Hassan Mwinyi Road and
Kaunda Drive,



P.O. Box 804,



Dar es Salaam, Tanzania



Tel:
255 22 2160000



Email: sahlbanking@tz.kcbbankgroup.com,
Website: https://tz.kcbgroup.com/kcb-sahl-tz/fursa-sukuk



 




Fanya Biashara yako ikue zaidi.

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