Dar es Salaam. CRDB Bank has officially listed its Sharia-compliant bond, CRDB Al Barakah Sukuk, on the Dar es Salaam Stock Exchange (DSE), marking a major stride in the evolution of Tanzania’s capital markets.
The Sukuk issuance raised Sh125.4 billion, equivalent to 418 percent of the targeted amount, alongside $32.3 million, or 646 percent of the set goal, an unprecedented level of subscription in the country’s corporate bond market.
Speaking during the announcement and listing ceremony, the Deputy Permanent Secretary in the ministry of Finance, Dr Elijah Mwandumbya, commended CRDB Bank for what he described as a pivotal development for the nation’s financial sector.
He noted that the exceptional performance of the Sukuk reflects both the increasing depth of Tanzania’s capital markets and the growing appetite for innovative investment products.
He added that the government is finalising dedicated legislation to regulate Islamic finance services, a step expected to enhance transparency, strengthen investor protection, and establish Tanzania as a competitive hub for Sharia-compliant financial services in Africa.
Addressing investors who gathered to witness the listing at the DSE, CRDB Bank Group CEO Abdulmajid Nsekela said the results surpassed expectations in both currencies allowed for investment.
He disclosed that the Sukuk attracted more than 1,000 investors, including individuals, institutions, religious organisations, and international investors from over seven countries.
“To mobilise Sh125.4 billion and $32.3 million is not only a triumph for CRDB Bank but also a demonstration of confidence in Tanzania’s financial system,” he said.
“More than Sh70 billion came from Tanzanian individual investors, indicating growing financial awareness and trust in our markets, while over Sh50 billion was contributed by international investors, a clear signal that Tanzania is emerging as a compelling destination for Sharia-compliant financial investment,” he added.
Mr Nsekela emphasised that the CRDB Al Barakah Sukuk forms part of the Bank’s five-year programme aimed at raising the equivalent of $300 million to finance development projects, expand financing for SMEs, and deepen financial inclusion.
Representing the Capital Markets and Securities Authority (CMSA), Exaud Julius attributed the Sukuk’s strong performance to ongoing policy reforms enhancing the investment environment.
He said the outcome reflects the growing confidence among citizens in corporate bonds. With the listing of the Sukuk, he noted, the value of investments on the DSE has risen to Sh13.7 trillion, up from Sh13.5 trillion.
The DSE Chief Executive Officer, Peter Nalitolela, lauded the success of the issuance, stating that the high subscription rate underscores investors’ confidence in Tanzania’s regulatory framework.
He added that the listing is expected to improve liquidity, broaden market participation, and position Tanzania among leading global markets for Islamic finance, alongside Kuala Lumpur, Dubai, Riyadh, and Manama.
The Chairperson of the CRDB Bank Board, Prof Neema Mori, said the outcome inspires the Bank to further strengthen innovation, governance, and ethical finance initiatives.
She noted the strong support from both domestic and international investors, including partners such as British International Investment (BII).
The Chairperson of the Al Barakah Sharia Advisory Board, Abdul Van Mohammed, highlighted that the government’s decision to formulate a dedicated Islamic finance law will expand opportunities for halal investment and enable Tanzania to engage more effectively with high-liquidity markets, particularly within the Gulf Cooperation Council (GCC).
The ceremony concluded with the symbolic ringing of the bell to mark the Sukuk’s admission to the DSE, enabling investors to trade the instrument within a regulated, transparent, and ethical investment environment.
Since its establishment in 2021, CRDB Al Barakah has grown rapidly, now serving more than 400,000 customers, holding deposits exceeding Sh350 billion, and providing over Sh287 billion in Sharia-compliant financing.
The success of the Sukuk signals a new era for Islamic finance in Tanzania and underscores the nation’s growing capacity to attract substantial investment from both local and international markets.
