Faida Fund booms, delivers 12pc return

DAR ES SALAAM: Faida Fund, under Watumishi Housing Investment (WHI) management, has announced a 12 per cent return on investment for the year ending June.

Faida Fund established in November 2022 issued the first return of investment mid last year which was 10 per cent.

Also, the fund’s net value soared from 15.6bn to 25.6 billion shillings during the same period.

WHI Board Chairman Abdul Badru attributed the impressive performance to the adoption of technology, increased trust in mutual funds, and a growing investor base.

The number of investors surged by 58 per cent from 2,041 to 4,806 at the end of the June.

Deputy Permanent Secretary in the Ministry of State in the President Office, Public Service Management and Good Governance Mr Xavier Daud said Faida Fund is the government initiative to promote savings and investments among ‘wananchi’.

A Faida Fund investor and a public servant, Ms Elizabeth Marko, said she started to invest earlier to have a better package at her retirement.

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“I have invested to beef up my retirement security on top of pension,” Ms Marko said.

WHI Executive Director Fred Msemwa emphasized the fund’s accessibility, with a minimum investment of 10,000/-, affordable by many.

The Faida Fund, launched in November 2022, aims to create wealth for Tanzanians, particularly those in the middle and low-income brackets, through unit investments.