Kenyan telecom operator Safaricom and Islamic bank Gulf African Bank recently launched a Sharia-compliant mobile loan called Halal Pesa.

Thanks to the solution, users can receive up to Ksh20,000 loans fully repayable within 30 days with a  5% “commodity Murabaha margin.”   

For Safaricom, Halal Pesa is “the first Sharia-compliant mobile and digital financial solution” in Kenya.  

“Kenya is now a highly innovative, interconnected, and fast-paced community that requires solutions on the go. All our digital offerings, including Halal Pesa, seek to directly address this aspect. Our current strategy is focused on digitization for financial inclusion,” said Abdalla Abdulkhalik, Managing director of Gulf African Bank.