GulfCap Investment Bank (GCIB) has partnered with leading telecommunications company Safaricom to unveil the Ziidi Shari’ah Money Market Fund, a Shari’ah-compliant investment fund that broadens access to formal investment opportunities for customers seeking financial solutions that align with their values.
The investment objective of the Ziidi Shar’iah Money Market Fund is to enable customers to grow their investment income by investing in opportunities that observe the principles of Islamic finance. 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.
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. Customers also 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.
Shar’iah compliant investment is governed by the requirements of Shariah law and the principles of the Islamic religion. A Shariah-compliant investment includes Halal industries and excludes Haram industries, such as those selling prohibited goods, for example tobacco, gambling or alcohol, giving access to ethical investing.
Speaking during the unveiling of the fund at a Nairobi Hotel, GulfCap Investment Bank CEO Saud Shahbal said the bank had put in place a functioning and robust infrastructure in place and was well positioned to offer Shariah investing based on specific religious principles and guidelines.
“The unveiling of the Ziidi Shari’ah Money Market Fund, riding on the robust Safaricom M-Pesa platform, will avail individuals, families, and institutions the opportunity to invest in line with their values and in strict compliance with the Islamic religious ethos and investment goals across a range of asset classes either in real estate, equities, or specialised funds,” Peter Ndegwa, Safaricom PLC CEO said: “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,”
Ziidi Shari’ah 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.