To expand financial inclusivity in Kenya, M-PESA has rolled out the Ziidi Shariah Money Market Fund, a Shariah-compliant investment product registered by Gulfcap Investment Bank. This fund is tailored to serve the growing demand for Islamic finance in the country, catering to both Muslim investors and those who prefer ethical financial products.
The Ziidi Shariah Money Market Fund will operate as an independent entity with its own incorporation documents and promoter. The fund is open to all registered M-PESA users, offering them an opportunity to invest in a compliant and secure financial vehicle that aligns with Islamic finance principles.
The Chief Executive Officer of the Capital Markets Authority (CMA), Wyckliffe Shamiah, hailed the launch as a major step in advancing Islamic finance within Kenya’s capital markets. “This marks a significant milestone in the ongoing efforts to promote Islamic finance. We believe Islamic finance holds immense potential, which can be unlocked through creating an enabling environment for such opportunities to thrive,” Shamiah stated.
Kenya has witnessed a steady rise in demand for Shariah-compliant financial products, prompting an increase in licensed firms offering Islamic unit trust funds. With the addition of the Ziidi Shariah Money Market Fund, the number of such firms has now risen to seven, reflecting a growing appetite for ethical and interest-free investment products.
The launch of Ziidi is expected to strengthen the financial landscape by providing a viable alternative for investors seeking to align their portfolios with Islamic finance principles. It also aligns with the CMA’s broader strategy of fostering inclusive and diversified investment opportunities in the country’s capital markets.
The introduction of the Ziidi Shariah Money Market Fund further cements its position as a leader in innovative and inclusive financial solutions.