In the heart of the Johari Rotana on Saturday August 9, 2025, Dar es Salaam vibrated to the rhythm of a ceremony orchestrated in honor of Islamic finance: the hall, mixing financial dignitaries with the Muslim (Sheikh Dr. Abubakar Zubeir Bin Ally, Grand Mufti of Tanzania) and Christian (Bishop Dr. Alex Malasusa Presiding Bishop Evangelical Lutheran Church, Tanzania) religious elite, was the perfect setting for the launch of the Sukuk Albarakah by CRDB Bank PLC under the Al Barakah Banking banner.
Valued at TZS 30 billion and USD 5 million, with a greenshoe option for TZS 10 billion and USD 2 million, the instrument is part of a Multicurrency Medium Term Notes Programme which is due to be listed on the Dar es Salaam Stock Exchange (DSE). This operation is tailor-made to capture the long liquidity of local and international institutional players, but imposes strict discipline by excluding companies linked to gambling, alcohol or pork.
The chosen structure, validated by the Shariah Advisory Board and an independent auditor, is based on classic Islamic market architecture: beneficial ownership of real assets, contractual yield (6%/year), security through redemption procedures and scrupulous compliance with rental obligations. The arrangement, hailed by regulators and senior clergy, is exemplary in a country where Islamic finance is not yet widely accepted.
The morning, punctuated by an alternation of institutional speeches (Central Bank, CMSA, DSE, British High Commission) and religious relays, crystallized around the intervention of former President Jakaya Kikwete. Beyond the symbols, the decision-makers present acted on a convergence of interests and strategies: to propel Tanzania onto the Islamic market agenda, while consolidating CRDB Bank's credibility in a segment with high reputational and technical stakes.
This first sukuk, aimed at sophisticated investors, conventional and Islamic banks, microfinance institutions and other institutional investors, marks a break with the traditional bank financing matrix. The funds raised will be used to finance the development of CRDB Bank's halal operations - a move driven by the desire to fuel responsible, inclusive and transparent growth in the Tanzanian market.
More than just a financial product, the deal will act as a barometer: Tanzania is coming out of the woodwork, ready to play in the sukuks issuers' court, where the Islamic capital market dictates the fusion of financial sophistication and religious conformity. It also joins countries that have distinguished themselves in recent years by issuing corporate sukuk, such as Egypt, Nigeria, Kenya and Senegal.
In addition to being a financial tool, this launch also marks Tanzania's official entry onto the international stage.
In addition to being a financial tool, this launch also marks Tanzania's official entry onto the international Islamic finance scene, at a time when sub-Saharan Africa is seeking to diversify its sources of financing against a backdrop of increasing scarcity of Western funding.
IFMAG
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