Safaricom and Gulfcap Investment Bank (GCIB) have launched Ziidi Shari’ah Money Market Fund, expanding access to Shari’ah-compliant investment through a simple and accessible digital experience.
Customers can access the fund through My OneApp or by dialling *334# and start investing immediately with as little as KES 100. Subsequent top-ups start from just KES 10, making it possible for customers to invest consistently and build their savings over time.
Ziidi Shari’ah combines Safaricom’s digital capabilities and customer reach with GCIB’s investment management and Shari’ah expertise.
Speaking during the launch, Safaricom PLC CEO Peter Ndegwa said the launch reflects Safaricom’s commitment to advancing financial inclusion by making financial services more relevant, accessible and responsive to the diverse needs of its customers.
“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 Ndegwa.
The fund is regulated by the Capital Markets Authority (CMA) and invests in accordance with Shari’ah principles under the oversight of GCIB’s Shari’ah Supervisory Board. The fund operates independently from Safaricom’s conventional Ziidi Money Market Fund.
Ziidi Shari’ah Investment Approach
The Ziidi Shari’ah Money Market Fund provides an investment option for customers seeking to grow their savings while aligning their investments with Shari’ah principles.
GulfCap Investment Bank CEO Saud Shahbal said the launch expands access to ethical and Shari’ah-compliant investing by combining the convenience of M-PESA with professionally managed investment solutions.
“The unveiling of the Ziidi Shari’ah Money Market Fund, embedded on the robust M-Pesa platform, gives Muslims, and any individual who prefer ethical investing, an opportunity to grow their savings in line with their values.”He said.
He added that the fund invests in Shari’ah-compliant instruments, ensuring returns remain aligned with ethical and permissible activities.
“The fund invests exclusively in short-term, highly liquid instruments in shari’ah compliant banks. This preserves capital and daily liquidity, while ensuring returns are free of interest (riba) and are earned only from ethical, permissible activities.” Saud said.
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Flexible Investing
Customers can track their daily profit, make free deposits into their Ziidi Shari’ah account and withdraw funds into their M-PESA wallets at no cost, giving them flexibility to manage their investments according to their financial needs.
In addition, they have the option to lock funds to encourage disciplined investing and reduce unplanned withdrawals.
While there is no maximum investment limit, M-PESA transaction limits apply, including a daily limit of KES 500,000 and a per-transaction limit of KES 250,000.
The launch of Ziidi Shari’ah reinforces M-PESA’s evolution from a payments and transfers platform into a comprehensive financial services ecosystem that enables customers to save, invest and build wealth.
