On 11 June 2025, a high-level delegation from the Center for Islamic Finance, Compliance and Advice (CIFCA) paid an official visit to the Zanzibar State House. The primary objective of the visit was to formally express appreciation to the President of Zanzibar and Chairman of the Revolutionary Council, His Excellency Dr. Hussein Ali Mwinyi, for his continued support and visionary leadership in advancing Islamic finance initiatives in Zanzibar.
Key Output:
The Revolutionary Government of Zanzibar had a plan to mobilize a total of TZS 1,115,000,000,000 (One Trillion One Hundred and Fifteen Billion Tanzanian Shillings) through a three-tranche Sukuk issuance program. The first tranche had an initial target of TZS 300 billion, with a Green Shoe Option of an additional TZS 300 billion in the event of oversubscription.
- This engagement followed the successful issuance of the Zanzibar Sukuk, under which the first tranche was oversubscribed and raised TZS 381 billion, exceeding the initial target and reflecting strong market confidence (128% subscription).
- The visit also reaffirmed CIFCA’s commitment to partnering with the Revolutionary Government of Zanzibar in realizing its strategic ambition of positioning Zanzibar as a regional hub for Islamic finance.
