Safaricom has launched the Ziidi Shariah Money Market Fund with GulfCap Investment Bank, giving M-PESA customers access to a Shariah-compliant investment product through its digital platforms.

The fund, unveiled in Nairobi on Oct. 6, targets Muslim customers and other investors seeking investment products that comply with Shariah principles. It is regulated by Kenya’s Capital Markets Authority (CMA) and operates separately from Safaricom’s conventional Ziidi Money Market Fund.

Customers can access the Ziidi Shariah Money Market Fund through Safaricom’s My OneApp or by dialling 334#. The minimum initial investment is 100 Kenyan shillings, while subsequent contributions can start from KSh10, according to Safaricom.

The launch expands Safaricom’s investment offering as the company seeks to use its mobile-money infrastructure to provide customers with access to a wider range of financial services.

“Part of driving financial inclusion is about making financial services relevant to the different needs and circumstances of our customers,” Safaricom Chief Executive Peter Ndegwa said at the launch.

“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,” he said.

How The Ziidi Shariah Fund Works

GulfCap Investment Bank, which manages the fund, said the product invests in short-term, highly liquid instruments held in Shariah-compliant banks.

GulfCap Chief Executive Saud Shahbal said the fund was designed to preserve capital and provide daily liquidity while ensuring returns are generated from permissible activities rather than interest, or riba.

The fund is overseen by GulfCap’s Shariah Supervisory Board, according to Safaricom and GulfCap. The structure is intended to provide an investment option for customers who want their investments to follow Islamic finance principles.

The CMA approved the Ziidi Shariah Money Market Fund in February 2025. The regulator said at the time that GulfCap Investment Bank had been approved to register the fund as a standalone product with its own incorporation documents and promoter.

The regulator said the fund would target registered M-PESA customers who either profess the Islamic faith or prefer to invest in Shariah-compliant financial products.

The CMA described the approval as part of efforts to expand inclusive and diverse investment opportunities in Kenya’s capital markets. It also said the number of licensed firms offering Shariah-compliant unit trust funds had reached seven at the time of the approval.

M-PESA Access Lowers Entry Point

The digital distribution of the Ziidi Shariah Money Market Fund means customers do not need to visit a physical financial institution to start investing.

Safaricom said investors can monitor their daily profit through the digital platform, make deposits into their accounts without a deposit fee and withdraw funds to their M-PESA wallets at no cost.

Customers can also lock funds, a feature intended to help reduce unplanned withdrawals and encourage disciplined saving, the company said.

There is no stated maximum investment limit for the fund, although M-PESA transaction limits apply. Safaricom said the daily transaction limit is KSh500,000, while the maximum amount for a single transaction is KSh250,000.

The minimum entry amount of KSh100 places the product within reach of customers who want to begin with relatively small amounts and increase their contributions over time.

Safaricom Expands Beyond Payments

The launch adds another investment product to Safaricom’s growing financial-services ecosystem.

The company received CMA approval in November 2024 to establish the conventional Ziidi Money Market Fund, which was made available through M-PESA. The regulator said the product was intended to give M-PESA customers a convenient way to access capital-markets investment opportunities.

The Shariah version is structured separately from the conventional Ziidi fund.

That distinction is important because the CMA approved the Ziidi Shariah Money Market Fund as a standalone fund rather than simply as a Shariah option within the existing conventional fund.

The CMA’s approval reflects the broader development of Islamic finance in Kenya, where regulators and financial institutions have increasingly introduced products designed around Shariah principles.

The regulator has also listed Ziidi Shariah Money Market Fund among the collective investment schemes under its oversight.

Growing Interest in Shariah-Compliant Investments

Kenya’s Islamic finance market includes a range of Shariah-compliant investment products, including funds offered by financial institutions and investment managers.

The CMA has said Islamic finance has potential to expand investment opportunities and improve inclusion in the country’s capital markets.

For Safaricom, the latest product combines the company’s large M-PESA customer network with GulfCap’s investment-management and Shariah capabilities.

The partnership also places investment access inside a platform already widely used by Kenyans for payments, transfers and savings.

For customers considering the Ziidi Shariah Money Market Fund, the key features are its KSh100 starting amount, KSh10 minimum subsequent top-up, M-PESA accessibility, daily liquidity and Shariah-compliant investment mandate.

As with other investment products, customers should review the fund’s terms, risks, fees and investment structure before committing their money. The launch does not guarantee a fixed return, and investment performance can vary.

The product marks another step in the expansion of digital investment services in Kenya, while giving customers seeking Shariah-compliant products a new route into the money-market funds sector.