Safaricom, GulfCap Expand M-PESA Investment Options With Shari’ah-Compliant Ziidi Fund
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Safaricom and GulfCap Investment Bank have expanded investment options for M-PESA customers with the launch of the Ziidi Shari’ah Money Market Fund, allowing customers and businesses to invest from as little as Ksh100.
The new fund, launched on Tuesday, October 6, is designed for investors seeking Shari’ah-compliant financial products and can be accessed through Safaricom’s My OneApp or by dialing *334#.
Subsequent top-ups start from Ksh 10, giving customers a low-cost entry point into the investment product.
New Fund Targets Shari’ah-Compliant Investment
Ziidi Shari’ah invests in short-term, highly liquid instruments held in Shari’ah-compliant banks, with the fund operating under the oversight of GulfCap Investment Bank’s Shari’ah Supervisory Board.
The fund is regulated by the Capital Markets Authority and operates independently from Safaricom’s conventional Ziidi Money Market Fund.
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Safaricom CEO Peter Ndegwa said the new product was part of the company’s wider financial inclusion efforts, particularly by providing investment options suited to different customer needs.
“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,” Ndegwa said.
GulfCap Brings Shari’ah Investment Expertise
GulfCap Investment Bank CEO Saud Shahbal said the partnership gives M-PESA customers access to an investment product that follows Islamic finance principles while remaining accessible through a platform they already use.
“The fund invests exclusively in short-term, highly liquid instruments in shari’ah-compliant banks. This preserves capital and daily liquidity, while ensuring returns are free of interest (riba) and are earned only from ethical, permissible activities,” Shahbal said.
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Customers can track their daily profit, make deposits into their Ziidi Shari’ah accounts and withdraw funds to their M-PESA wallets without charges. They can also lock their funds to encourage disciplined saving and limit unplanned withdrawals.
The fund has no maximum investment limit, although M-PESA transaction limits apply, including a daily limit of Ksh 500,000 and a maximum of Ksh 250,000 per transaction.
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Chief Executive Officer (CEO) of GulfCap Investment Bank (GCIB) Saud Shahbal. PHOTO/ JEDCA MEDIA