Safaricom has partnered with GulfCap Investment Bank (GCIB) to launch the Ziidi Shari’ah Money Market Fund giving M-PESA customers access to Shari’ah-compliant investment products through a digital platform.

The new money market fund allows customers and businesses to begin investing with as little as Sh100, with subsequent top-ups starting from Sh10.

Customers can access Ziidi Shari’ah through My OneApp or by dialling *334#, enabling both smartphone and USSD users to invest and build their savings gradually.

Safaricom CEO Peter Ndegwa said the product is intended to make investment services more accessible while catering to the different financial needs and values of 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,” said Ndegwa.

Ziidi Shari’ah is regulated by the Capital Markets Authority (CMA) and operates under the oversight of GCIB’s Shari’ah Supervisory Board. It is structured independently from Safaricom’s conventional Ziidi Money Market Fund.

According to GCIB CEO Saud Shahbal, the fund is open not only to Muslim investors but also to individuals seeking ethical investment options.

“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,” said Shahbal.

Investors can track their daily profits, make deposits into their Ziidi Shari’ah accounts at no cost and withdraw funds to their M-PESA wallets without withdrawal charges.

The product also allows customers to lock their funds, providing an option for those seeking to encourage disciplined saving and minimise unplanned withdrawals.

There is no maximum investment limit for the fund. However, customers remain subject to M-PESA transaction limits, including a Sh500,000 daily limit and a Sh250,000 per-transaction limit.

The launch further expands M-PESA’s role beyond payments and money transfers, positioning the platform as an increasingly comprehensive financial services ecosystem through which customers can save, invest and build wealth.

GulfCap Investment Bank is a CMA-licensed investment bank headquartered in Nairobi. Its services include asset and wealth management, corporate finance and transaction advisory services across Kenya, regional and global markets.

Through its Asset & Wealth Management division, GCIB offers both conventional and Shari’ah-compliant investment solutions to institutional, high-net-worth and diaspora investors.