Safaricom customers can now invest in a Shariah-compliant money market fund through M-Pesa, following a partnership between the telco and GulfCap Investment Bank.The Ziidi Shariah Money Market Fund allows customers to start investing with as low as Sh100 through the My OneApp app .
The fund is aimed at customers who want investments that follow Islamic finance principles, including avoiding interestGulfCap Investment Bank CEO Saud Shahbal said the fund will invest in short-term instruments held in Shariah-compliant banks.This preserves capital and daily liquidity, while ensuring returns are free of interest (riba) and are earned only from ethical
GulfCap Investment Bank CEO Saud Shahbal said the fund will invest in short-term instruments held in Shariah-compliant banks.This preserves capital and daily liquidity, while ensuring returns are free of interest (riba) and are earned only from ethical
