Safaricom Plc has introduced its Ziidi Shari’ah Money Market Fund to over 41 million M-PESA customers, offering a new investment opportunity that complies with Islamic finance principles. The fund allows customers to invest as little as Ksh 100 through the mobile-money platform. This move expands the range of financial products available through M-PESA, providing customers with more options for managing their finances.
Customers can access the Ziidi Shari’ah fund through My OneApp or by dialing *334#. Subsequent investments can be made starting at Ksh 10, and deposits and withdrawals to M-PESA are free. Customers can also track their daily profits and lock funds. The fund is managed by GulfCap Investment Bank and operates under the oversight of its Shari’ah Supervisory Board, ensuring that investments align with Islamic finance principles.
The Ziidi Shari’ah fund is regulated by the Capital Markets Authority and operates separately from Safaricom’s conventional Ziidi Money Market Fund. The fund invests in short-term, highly liquid instruments held with Shari’ah-compliant banks, generating returns from permissible investment activities. This approach avoids riba, or interest, making it an attractive option for customers seeking Shari’ah-compliant investments.
Safaricom’s Chief Executive Officer, Peter Ndegwa, emphasized that financial inclusion is not just about access to money but also about providing financial products that align with customers’ needs and values. The Ziidi Shari’ah fund is designed to make investing more accessible to customers who want their savings and investments to align with their religious or ethical principles.
The fund has no maximum investment limit, although M-PESA transaction limits apply. Customers can transfer up to Ksh 250,000 per transaction and Ksh 500,000 per day. This flexibility makes it easier for customers to invest and manage their funds. The expansion of the Ziidi Shari’ah fund comes as Safaricom continues to deepen M-PESA beyond payments and transfers into savings, investments, and other financial services.
M-PESA generated Ksh 182.7 billion in revenue for Safaricom in the financial year ended March 2026. The platform has more than 41 million one-month-active customers, providing a significant distribution network for additional financial products. Safaricom’s conventional Ziidi Money Market Fund had about 2 million customers at the time, underscoring the potential for growth with the introduction of the Shari’ah-compliant fund.
GulfCap Investment Bank Chief Executive Officer Saud Shahbal noted that the Shari’ah fund provides customers seeking Islamic and ethical investment options with an avenue to participate in money-market investments without compromising their principles. The Ziidi Shari’ah fund was approved by the CMA in 2025, and the latest move aims to expand customer access to the product through Safaricom’s M-PESA distribution network.
Key points
- The Ziidi Shari’ah fund allows customers to invest from as little as Ksh 100.
- The fund is managed by GulfCap Investment Bank and operates under the oversight of its Shari’ah Supervisory Board.
- M-PESA generated Ksh 182.7 billion in revenue for Safaricom in the financial year ended March 2026.
