ZIIDI Shari’ah Money Market Fund

What is ZIIDI Shari’ah Money Market Fund (MMF)?

ZIIDI Shari’ah Money Market Fund is a Shari’ah-compliant Money Market Fund (MMF) offered by Safaricom through M-PESA enabling value-based investors to earn market-driven returns fully aligned with Islamic finance principles.

Who Manages ZIIDI Shari’ah?

ZIIDI Shari’ah MMF is managed and administered by Gulfcap Investment Bank (GCIB), a fund manager licensed by the Capital Markets Authority (CMA) with oversight from the GCIB Shari’ah Supervisory Board ensuring full adherence to Shari’ah principles.

Gulfcap Investment Bank specializes in Islamic finance and is specifically appointed to manage the Shari’ah-compliant fund.

The fund's Trustee, the independent party responsible for oversight of the scheme and safeguarding investors' interests is KCB Bank (Kenya) Limited.

Eligibility Requirements

To invest in ZIIDI Shari’ah Money Market Fund, you  must meet all the below requirements:

• Be a registered M-PESA customer with a valid and active Safaricom line
• Be 18 years of age or older
• Have a valid national ID or passport
• Accept the ZIIDI Shari’ah Terms and Conditions when opting in

Key Benefits at a Glance

• Your returns are generated solely from Shari’ah-approved instruments, with compliance oversight by the Shari’ah Supervisory Board. Jijenge kihalali.
• You don’t need a large amount to start investing, begin with just 100 bob.
• Your money starts earning from the next business day after deposit, you can easily track your returns on the My OneApp.
• There are no fees on deposits or withdrawals, transact at no cost.
• Withdraw all or part of your funds to your M-PESA whenever you need them, no delays.
• Lock your funds for a period of your choice to support disciplined investing. You can continue to top up while your funds are locked. Unlock requests are processed within 72 hours.
• The fund operates under the oversight of the Capital Markets Authority (CMA), Kenya’s capital markets regulator.

How Ziidi Shari’ah Money Market Funds are Invested

Gulfcap Investment Bank invests the pooled funds in Shari’ah-compliant instruments only. These include:

• Sukuk — Islamic bonds. These work like conventional bonds but are structured around asset ownership or profit-sharing rather than interest.
• Mudarabah deposits — profit-sharing deposits placed with Islamic finance institutions. The depositor and the bank share profits; no fixed interest is paid.
• Shari’ah-screened government and corporate securities that meet the criteria of the fund's Shari’ah Advisory Board.

What Makes This Fund Halal?

The following core principles make ZIIDI Shari’ah different from a conventional money market fund.

Prohibition of Riba (Interest)

Riba, or interest, is strictly prohibited in Islam. In a conventional money market fund, your returns are generated from interest paid on loans and debt instruments. In ZIIDI Shari’ah MMF, no interest is involved at any level. Instead, returns come from profit-sharing arrangements, the fund earns a profit, and that profit is shared with investors.

Avoidance of Gharar (Excessive Uncertainty)

Gharar refers to excessive ambiguity, risk, or deception in a financial transaction. Islamic finance requires that all transactions be transparent and clearly defined. ZIIDI Shari’ah's instruments are structured to eliminate unnecessary uncertainty, you know what your money is invested in, and how profit is generated.

Prohibition of Investment in Haram Industries

The fund will not invest in any business or instrument connected to:

• Alcohol or pork-related industries
• Gambling and betting
• Conventional banking and interest-based finance
• Weapons manufacturing
• Tobacco
• Adult entertainment

All potential investments are screened against these criteria before being included in the fund.

Shari’ah Advisory Board

To ensure ongoing compliance, ZIIDI Shari’ah operates under the supervision of a Shari’ah Advisory Board. This board is made up of qualified Islamic scholars and finance experts. Their role is to:

• Review and certify all instruments the fund invests in
• Issue a fatwa (religious ruling) confirming the fund's Shari’ah compliance
• Continuously monitor the fund to ensure no violations occur

This independent oversight is what gives investors confidence that the fund's Shari’ah-compliance is not just a label — it is an actively maintained standard.

ZIIDI MMF vs ZIIDI Shari’ah MMF — Full Comparison

Both money market funds are accessible to M-PESA customers and offer daily returns with the same low minimum investment. The critical difference lies in the investment philosophy and underlying assets as outlined below.

Fees, Limits & Other Practicalities

The following table summarises all key financial parameters you need to know:

Frequently Asked Questions