Dar es Salaam, Tanzania

A Tanzanian company based in Zanzibar Called Hakam Investment Limited is looking to issue a Sukuk worth 80 billion Tanzanian Shillings (USD 32 million) for construction of a steel plant in Zanzibar.

According to Mr. Hussein Meena from the company, Zanzibar is facing a huge contruction materials shortages which prompt contructors to bring them from mainland Tanzania.

"Of great importance is steel which being heavy and costly, bringing it from mainland Tanzania costs billions of shillings to contractors. We want to address this problem", he said.