Regulatory Alerts2024-06-04
Capital Markets and Securities (Corporate and Subnational Sukuk Bonds) Guidelines
The Capital Markets and Securities Authority of Tanzania issued these 2023 Guidelines to establish a comprehensive regulatory framework for the issuance, operation, and secondary market trading of corporate and subnational sukuk bonds. The regulations mandate strict Shariah compliance through designated boards and advisors, define eligibility criteria for issuers and Special Purpose Vehicles, and require detailed documentation, independent ratings, and continuous disclosure. Furthermore, the Guidelines standardize sukuk structuring, proceeds utilization, listing requirements on the Dar es Salaam Stock Exchange, and clear redemption and default procedures to safeguard investor interests.
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