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Safaricom and Gulf Bank to launch Sharia-compliant banking service

Thursday 9 November 2017 | 16:39 CET | News
Kenyan operator Safaricom and Gulf African Bank are set to launch a Sharia-compliant banking service through M-Pesa to allow customers to open and operate M-Sharia bank accounts. The M-Sharia platform will be rolled out by next March, targeting the bank's retail and merchant segments. Gulf said the platform being developed by the two parties will be guided by Sharia principles — not an interest based financing but profit sharing. Islam forbids the charging of interest on credit and money is advanced on a joint ownership arrangement known as asset banking.  

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Categories: Mobile & Wireless
Companies: Safaricom
Countries: Kenya
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