Safaricom, GAB unveil first Shariah compliant mobile financing

By Monica Muema

Shari’ah compliant bank, Gulf African Bank in partnership with Safaricom Plc. Monday unveiled Halal Pesa, a Shari’ah compliant mobile financing solution – a first in the country.

Halal Pesa becomes the first Shariah compliant mobile and digital financial solution in the country. Customers accessing financing through the service will receive the amount requested in full with a repayment period of 30 days at 5% commodity Murabaha margin.

All M-PESA customers can access Halal Pesa as a Mini App under the “Grow” option on the M-PESA Super App and by dialling *334# under “Loans and Savings”. Customers will initially be provided with a personalised facility limit based on their M-PESA usage.

The limit can be increased based on a customer’s usage of Halal Pesa.