Safaricom targets muslim investors with new Ziidi Shari’ah Money Market Fund

Safaricom has introduced a new Ziidi Shari'ah Money Market Fund, expanding its investment options for customers to include Sharia-compliant investments. Partnering with Gulfcap Investment Bank, the fund is designed to make ethical and Shari'ah-compliant investing more accessible, particularly for Muslim customers. Customers can invest as little as Ksh100 and subsequently top up from Ksh10, enabling regular contributions.

CEO Peter Ndegwa highlighted the fund as part of Safaricom's efforts to promote financial inclusion, making services relevant to diverse customer needs. Ziidi Shari'ah operates independently, investing in short-term, highly liquid Shari'ah-compliant instruments, earning returns from ethical activities. The fund has no maximum investment limit, though customers are subject to M-PESA transaction limits.

Regulated by the Capital Markets Authority and overseen by the Shari'ah Supervisory Board, the fund excludes interest-based returns, or riba, and invests exclusively in Shari'ah-compliant banks. Customers can track daily profits through the My OneApp or by dialing *334#. Safaricom's introduction of Ziidi Shari'ah further solidifies M-PESA's position as a comprehensive financial services platform, offering additional tools for customers to manage their finances, save, and grow their wealth through mobile phones.