Safaricom, Kenya's largest mobile network operator, launched a Shari'ah-compliant money market fund that attracted 1.5 million users in its first month. The fund, which holds Sh230 million in assets, aims to provide Muslim customers with investment opportunities that align with their religious beliefs.
The initiative allows investors to earn returns without interest-based products, which are prohibited in Islamic finance. The fund operates under the principles of Shari'ah law, ensuring that all financial activities are ethical and compliant.
This marks a significant step in Kenya's financial inclusion efforts, targeting a previously underserved segment of the population. By offering an alternative to conventional banking, Safaricom is expanding its digital financial services and promoting ethical investment practices. The success of the fund highlights growing demand for Shari'ah-compliant financial products in the region.
