An inaugural TZS 1.2 billion (US$ 454,000.00) corporate real estate Sukuk in Tanzania issued by Fay Properties Company Limited, as the Sukuk Issuer/SPV of Stemregen Properties Limited. The Sukuk was approved for issuance as a private placemenet by the Capital Markets and Securities Authority (CMSA) and went to market for investors' subscription as from 11th August 2026 and took only close on 15th August with an oversubscription of TZS 203 million over and obove the TZS 1.2 billion originally being sought, a 16.92% oversubscription which is yet anotehr success for Yusra Sukuk Company Limited.

In fact, we had to make the investor pitching very careful to avoid a huge oversubscription since invetsors' appetite on Sukuk in Tanzania has been increasing exponentially gauging from all Sukuk issued in the country since 2021 when Imaan Finance became the first corporatye to issue a Sukuk followed by KCB Sahl Banking Sukuk which became the first bank in Tanzania to issue a Sukuk. Yusra Sukuk Executive Chairman was the lead technical person in it. Premier Sukuk, became the first ever non-financial corporate Sukuk and the first ever educational institution Sukuk in Sub-Saharan Africa.

Once again Yusra Sukuk Company Limited was the Lead Arranger with Mayzuh Company Limited being the Shari'ah Advisor. The Sukuk proceeds are intended to complete a 5-storeys building at Kinondoni Morocco in Dar es Salaam ready for offtakers to rent it at the burstling business area in Dar es Salaam city in Tanzania. The Sukuk is a Hybrid of  Ijarah/Istisna (Lease/Construction) starting with tangibility ratio above 50% to comply with AAOIFI SS. 59 to allow for Sukuk certificates tradability from day one thus enabling the Sukuk investors to sell their Sukuk at premium, par or discount without anyh problem.