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Faida fund offers risk free collective investment option – IPPmedia

 
 
With only 10,000 anyone can invest in risk free Faida fund, the collective investment scheme managed by Watumishi Housing Investment (WHI).
Through the scheme, low and middle income earners Tanzanians can invest by building wealth, while enjoying financial freedom through the newly launched collective investment scheme.
The Faida Fund opening of the offer was held on November 1 and closing for initial sale will be on December 31st this year, before becomes open for subsequent sale on January 2 next year.
Maryjane Makawia, WHI public relations and sales officer say, as low as 10,000/- someone can invest through this scheme as initial capital and thereafter spend as little as 5,000/- on subsequent additional investment.
She said parents are also allowed to invest through Faida Fund for their children. Yield for investing in the fund will range from 10 to 12 percent per annum.
“The advantage of this scheme is that it offers a Tanzanian the best option to build their financial independence, while enjoying earnings,” she said. “Registration processes for this scheme is very simple as applicant requires only a name, date of birth and phone number.”
Faid Fund is managed by WHI, which is the government institution under the Office of the President, Public Services and Good Governance, which has the mandate of managing collective investment scheme and construction of low cost houses for public servants and members of social security funds and is currently operating two funds including Nyumba Fund and Faida Fund.
She said the fund is approved and registered by the Capital Markets and Securities Authority (CMSA) and custodian bank for the fund is CRDB Bank Plc, the largest in terms of assets.
Approval of unit holder’s register by CMSA will be held on January 5th next year, notification of the result will be held on January 10th next year and official launch and opening of repurchase operation will be held on January 14, 2023 and April 1, 2023 respectively, according to offer document.
Investors of the fund are eligible for annual dividends and can withdraw their invested funds anytime at own convenient and the units ownership certificate can be used as a security item to secure a bank loan, she said.
“Any Tanzania want to build their liquidity, Faida Fund is the best option to invest in financial market, with low risks,” she said
Investing in Faida fund is open to any Tanzanian, whether diaspora, children and institutional investors and there is no any cost in joining or exit from the fund.
To register for Faida Fund, just open Google playstore and upload WHI app or click government menu *152*00#, select payment option 1, select number 6 (WHI) and then Faida Fund for USSD enabled mobile phones or through the website fas.whi.go.tz.  All application forms are obtained from www.whi.go.tz
After registering, an investor will be issued with control number which will be used to buy units all the time and the number will not change.
According to the officer, investor can also direct employer to deduct funds from monthly salary to invest on Faida Fund directly through standing order.
Faida Fund is an open-ended scheme, which seeks to create wealth to Tanzanians particularly to middle and low-income groups through investments in units to obtain competitive return through capital growth; and enhance the culture of savings in the financial assets.
The new Faida Fund was launched in November 2022 and is expected to take on board small investors including bodaboda, students, workers, retirees and peasants.
PRESIDENT Samia Suluhu Hassan.
Permanent Secretary,President’s Office (Regional Administration and Local Governments, Prof Riziki Shemdoe.
Stumai stands outside her motorcycle taxi business. Among three businesses she had launched since taking part in CAMFED supported skills training.
Gemma Akilimali.
MINISTER for Works and Transport Prof Makame Mbarawa.
HOME Affairs minister Hamad Yusuf Masauni.
Anthony Mavunde.
Vice President Dr Philip Mpango presents to Bonite Bottlers Ltd managing director Raman Ananthanarayanan (L) a certificate of appreciation in connection with sponsorship for the 16th President’s Manufacturers of the Year Awards (PMAYA). This was at the Awards ceremony held in Dar es Salaam yesterday. It was organised by the Confederation of Tanzania Industries. Another photo on Page 2. Photo: Correspondent Miraji Msala
Zanzibar First Lady Mariam Mwinyi (C), Chairperson of the Zanzibar Maisha Bora Foundation, holds talks with female ambassadors and high commissioners representing Tanzania in various countries when they visited the ZMBF offices in Zanzibar on Thursday. Photo: Foreign Affairsministry
Bryan You, Director of Huawei Southern Africa Software Solution and Marketing.
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Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.