A Tanzanian company -Mayzuh Company Limited, which has its subsidiary in Uganda and Zambia, is looking forward to isueing an industrial Sukuk worth TZZ 80.85 billion in three tranches. Tranche one is expected as soon as the Capital Markets and Securities Authority (CMSA) approves the Sukuk Prospectus.

The Sukuk is a 5-year Forward Ijarah (Forward Lease) for the construction of a new technology building materials plant at Chalinze district in Pwani region. The Multicurrency (TZS and US$) corporate Sukuk has a rental rate of 14.5% and 5.5% respectively and is open for individuals as well as institutional investors from anywhere in the world.

The Sukuk has been given a Shari'ah compliance Certifucate by its Shari'ah Advisors - Centre for Islamic Finance Compliance and Advice (CIFCA) and will be listed at Dar es Salaam Stock Exchange (DSE) and possibly across East and Central Africa Stock Exchanges to enable investors to trade their certificates at will.

The new technology building materials will be a game changer as they cut down building costs between 48%-58% depending on whetther the building is a high or low rise and it cuts labour costs by nearly 60% hence expected to revolutionize housing development projects in Tanzania and beyond.

Apart from being cost effective, the technology saves energy  reducing the use of enery by 70% and is suitable for earthquake prone areas teh building materials are light and the elasticity is good enabling it to absorb earthquake shock.