Safaricom (NSE: SCOM) and GulfCap Investment Bank (GCIB) have introduced the Ziidi Shari’ah Money Market Fund, expanding Shariah-compliant investment options through a digital experience.
The fund is available via the My OneApp application or by dialing *334#, allowing customers to start with as little as KSh100 and to add further amounts from KSh10, with no overall investment ceiling but subject to M-PESA limits of KSh500,000 per day and KSh250,000 per transaction.
Ziidi Shari’ah invests exclusively in short-term, highly liquid instruments held by Shariah-compliant banks, preserving capital and daily liquidity while ensuring returns are free of interest (riba); the fund is regulated by the Capital Markets Authority and overseen by GCIB’s Shari’ah Supervisory Board.
Investors can monitor daily profit, make free deposits, withdraw funds to their M-PESA wallets at no cost, and optionally lock funds to promote disciplined saving.
“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 Peter Ndegwa, CEO of Safaricom PLC.
GulfCap Investment Bank CEO Saud Shahbal added that the fund gives Muslims and anyone preferring ethical investing “an opportunity to grow their savings in line with their values” and that it “preserves capital and daily liquidity, while ensuring returns are free of interest (riba) and are earned only from ethical, permissible activities.”
The launch underscores M-PESA’s transformation from a payments platform into a broader financial services ecosystem that enables customers to save, invest and build wealth.
