Safaricom, in partnership with Gulfcap Investment Bank (GCIB), has introduced the Ziidi Shari’ah Money Market Fund, a Shari'ah-compliant investment option accessible through M-Pesa. This fund allows Kenyans to invest with an initial amount of KSh 100 and provides an opportunity for individuals to grow their savings in a manner that aligns with their values. The fund is regulated by the Capital Markets Authority and operates under the oversight of GCIB's Shari'ah Supervisory Board.
The Ziidi Shari’ah Money Market Fund is designed to offer customers a convenient and affordable way to invest in short-term, liquid instruments held in Shari'ah-compliant banks. The fund ensures that returns are generated without interest, or riba, and only from ethically permissible activities. Customers can deposit, track daily profits, and withdraw funds into their M-Pesa wallets at no cost, with a daily transaction limit of KSh 500,000. This feature aims to promote financial inclusion and provide customers with an alternative to keeping money in an ordinary M-Pesa wallet.
Safaricom CEO Peter Ndegwa emphasized that the launch of the Ziidi Shari’ah Money Market Fund reflects the company's commitment to financial inclusion. He stated that the product is designed to make investment easier, more affordable, and accessible while offering an option that reflects the values and principles that matter to their customers. The fund is a significant step in M-Pesa's transformation into a broader financial services ecosystem.
GCIB CEO Saud Shahbal highlighted that the fund extends its benefits beyond Muslim customers, providing a convenient way for individuals interested in ethical investing to grow their savings. Shahbal noted that the fund invests solely in short-term, highly liquid instruments offered by Shari'ah-compliant banks, protecting capital and maintaining daily liquidity. The fund's structure ensures that returns are generated from permissible activities rather than interest.
The Ziidi Shari’ah Money Market Fund is accessible via the My OneApp or by dialling *334#. There is no upper investment ceiling, though standard M-Pesa transaction limits apply, including a daily cap of KSh 500,000 and a per-transaction ceiling of KSh 250,000. Customers can also top up their investments from as little as KSh 10. The fund offers a lock-in feature designed to promote disciplined saving and reduce unplanned withdrawals.
GCIB's Shari'ah Supervisory Board provides ongoing compliance oversight, ensuring the fund continues to operate within Shari'ah principles. The launch of the Ziidi Shari’ah Money Market Fund marks another milestone in the collaboration between Safaricom and GCIB to provide innovative financial solutions to Kenyans. The fund is a testament to the growing demand for Shari'ah-compliant financial products in the region.
The Ziidi Shari’ah Money Market Fund is an expansion of Safaricom's existing Ziidi Money Market Fund, which was launched in 2024. The initial Ziidi fund was introduced to make investment more accessible by allowing customers to start with relatively small amounts directly from their mobile phones. The new Shari'ah-compliant fund offers customers a unique investment option that aligns with their values and financial goals.
Key points
- Kenyans can invest in the Ziidi Shari’ah Money Market Fund with an initial amount of KSh 100 via M-Pesa.
- The fund is regulated by the Capital Markets Authority and operates under the oversight of GCIB's Shari'ah Supervisory Board.
- Customers can deposit, track daily profits, and withdraw funds into their M-Pesa wallets at no cost, with a daily transaction limit of KSh 500,000.
