Safaricom launched a Shari'ah-compliant money market fund that attracted 1.5 million users within its first month. The fund, which began operations recently, has accumulated Sh230 million in assets under management. The initiative aims to provide investment opportunities that align with Islamic financial principles.
The fund is designed to cater to Muslim customers who are restricted from investing in conventional financial products due to religious beliefs. It offers a Sharia-compliant alternative that adheres to Islamic law. The product is part of Safaricom's broader strategy to expand financial inclusion in Kenya.
This marks a significant step in the company's efforts to meet the needs of a diverse customer base. The fund is one of the first of its kind in the region, offering a new investment option that respects cultural and religious values. The success of the fund highlights growing interest in Sharia-compliant financial services in Kenya.
