Nairobi:Safaricom PLC has expanded its financial technology offerings with the launch of Ziidi Shari’ah, a collective investment scheme designed to provide accessible, liquid, and faith-aligned wealth management options to retail investors across the nation.
According to Kenya News Agency, the product was developed in partnership with GulfCap Investment Bank and received regulatory approval from the Capital Markets Authority. It allows mobile money users to start investing with as little as Sh100 through the M-Pesa platform.
During the launch in Nairobi, Safaricom CEO Dr. Peter Ndegwa emphasized the initiative as a step towards comprehensive financial health, aiming to cater to diverse customer segments, including Kenya’s estimated five million Muslim citizens. He highlighted that Ziidi Shari’ah enables investments without fee barriers and offers flexibility for deposits and withdrawals.
Ndegwa also pointed out that the digital fund serves both local retail savers and the Kenyan diaspora seeking compliant financial instruments for domestic investments. The investment pool operates independently, ensuring assets are kept separate from conventional money market instruments and invested in non-interest-bearing, Shari’ah-compliant assets.
Safaricom CFO Boniface Mungania stated that the product’s architecture reflects customer feedback and aims to remove barriers within the financial services ecosystem, ensuring holistic inclusion.
GulfCap Investment Bank Chairman Suleiman Shahbal praised Safaricom for increasing access to public capital markets for underserved communities and emphasized the fund’s strict fiduciary oversight. He encouraged investment in this ethically compliant product, assuring that funds are placed with Shari’ah-compliant institutions.
KCB Trustees provide independent oversight to ensure investor capital is protected under national statutory rules. Justus Ogoti from the Capital Markets Authority noted that the fund’s approval aligns with efforts to modernize capital market laws and position Kenya as a hub for innovative financial instruments, highlighting the role of Islamic finance in sustainable growth.
