NAIROBI, Kenya, Oct 6 – Safaricom customers can now invest in a Shariah-compliant money market fund through M-Pesa, following a partnership between the telco and GulfCap Investment Bank.
The Ziidi Shariah Money Market Fund allows customers to start investing with as low as Sh100 through the My OneApp app or by dialling *334#.
The fund is aimed at customers who want investments that follow Islamic finance principles, including avoiding interest, known as riba.
“Part of driving financial inclusion is about making financial services relevant to the different needs and circumstances of our customers. With Ziidi Shari’ah, we are making investing simple, affordable and accessible, while providing an option that aligns with the values that guide our customers’ lives,” said Safaricom CEO Peter Ndegwa.
GulfCap Investment Bank CEO Saud Shahbal said the fund will invest in short-term instruments held in Shariah-compliant banks.
“This preserves capital and daily liquidity, while ensuring returns are free of interest (riba) and are earned only from ethical, permissible activities,” he said.
