WATUMISHI – FAIDA FUND
by SOLOMON
Watumishi Housing Investments(WHI) was established under the Companies Act (Cap 212) of 2002. The primary objective of WHI is to enable public employees and members of pension funds to own affordable houses and serviced plots which are aspirations enshrined in both national and international objectives as enumerated in the National Human Settlements Development Policy (2000), Development Vision 2025, and the Sustainable Development Goals:2030 (SDGs).
WHI operates as a fund manager of public servants housing scheme under Real Estate Investment Trust (REIT) and a Collective Investment Scheme (CIS) currently managing FAIDA FUND. Operations for REIT and FAIDA FUND are in accordance with the Capital Markets and Securities Authority (CMSA) Act, the Capital Markets and Securities (Collective Investment Schemes) and Banking and Financial Institutions Act, 2006. Furthermore, the REIT complies with (Real Estate Investment Trusts) Rules, 2011.
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 is expected to be launched in November 2022. The fund is expected to take on board small investors including bodaboda, students, workers, retirees, peasants etc. Faida Fund has been registered with Capital Markets and Security Authority (CMSA) in September 2020.
Why Invest In Faida Fund
The fund is run by the WHI as a Fund Manager with professionals approved by CMSA. The scheme preserve the capital and offer high return through its investments policy.
Investment exclusively in safer short-term instruments such as treasury bills, certificates of deposit commercial paper and inter-bank call account money etc
Eligible Investors
Residents and non-resident Tanzanians, which includes individual (including minors) as well as non-individual investors like Pension Funds, Banks, Government Organizations, Regulatory Authority, Armed Forces, NGOs and other Corporate Bodies e.t.c.
Minimum Investment Amount
Minimum amount to be invested during initial sale is TZS 10,000/= and subsequent additional investment TZS 5,000/=
Maximum Investment Amount
No Maximum Investment Amount
Uses Of Proceeds
The proceeds will be invested in money markets and debt securities with very low risk.
Free Entry / Exist
The scheme shall charge neither the entry load nor the exist load, thus investor shall be allowed to purchase as well as redeem units at the prevailing applicable NA.
Sales and Repurchase Price
Units are sold or repurchase at the prevailing applicable Net Asset Value (NAV). Investors are advised to consider the NAV per unit of the fund at the time they contemplate buying the units
