CMA Approves Ziidi Shariah Money Market Fund

Nairobi, 20 February 2025 – The Capital Markets Authority (CMA) has granted approval to Gulfcap Investment Bank 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 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.

This initiative aligns with the CMA’s efforts to promote inclusive and diverse investment opportunities within Kenya’s capital markets.

With this approval, the number of licensed firms offering Shariah-compliant unit trust funds in Kenya now stands at seven, reflecting the increasing interest and growth potential of Islamic finance in the country.

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”.

ENDS