The Gulfcap Investment Bank has received the necessary approval from the Capital Markets Authority to register the Ziidi Shariah Money Market Fund. The fund is a Shariah-compliant investment product designed to cater to the growing demand for Islamic finance in Kenya.
The CMA Chief Executive Officer, Mr. Wyckliffe Shamiah, while commenting on the approval, said, “This marks a significant milestone in the ongoing efforts to promote Islamic finance within Kenya’s capital markets. We believe Islamic finance holds immense potential which can be unlocked through creating an enabling environment for such opportunities to thrive”.
The Ziidi Shariah Money Market Fund will operate as a standalone fund with its own distinct incorporation documents and promoter. The fund will target registered M-PESA customers who either profess the Islamic faith or prefer to invest in Shariah-compliant financial products.
With this approval, the number of licensed firms offering Shariah-compliant unit trust funds in Kenya now stands at seven.
Also Read: You Can Now Sign Up for Safaricom’s Ziidi Money Market Fund
