Safaricom opens Shariah-compliant investment to M-Pesa customers
The Ziidi Shariah Money Market Fund allows customers to start investing with Sh100 through the My OneApp app or by dialling *334#. Additional deposits start from Sh10.
Nairobi, Kenya - Safaricom, the leading telecommunications company in Kenya, has launched a Shariah-compliant money market fund accessible via M-Pesa mobile money platform. The partnership between Safaricom and GulfCap Investment Bank enables customers to invest as little as Sh100 through the My OneApp app or by dialling *334#. The Ziidi Shariah Money Market Fund adheres to Islamic finance principles, excluding interest-based investments, known as riba.
Safaricom CEO Peter Ndegwa emphasized that the initiative aims to make financial services more inclusive and relevant to customers' needs. GulfCap Investment Bank CEO Saud Shahbal explained that the fund will allocate investments in short-term, Shariah-compliant instruments to preserve capital, maintain liquidity, and generate returns from permissible activities only.
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