Safaricom Halal Pesa: How to Apply, Interest Rates, Requirements, and All You Need to Know

Learn about Safaricom Halal Pesa, Kenya's first Shariah-compliant banking solution. Find out how to apply, interest rates, requirements, and more

Oct 26, 2023 - 10:40
Safaricom Halal Pesa: How to Apply, Interest Rates, Requirements, and All You Need to Know
Safaricom Halal Pesa: How to Apply, Interest Rates, Requirements, and All You Need to Know

In recent times, Safaricom, in collaboration with Gulf African Bank, introduced Safaricom Halal Pesa, marking a significant milestone as Kenya's first Shariah-compliant mobile and digital financial solution. This innovative offering is tailored to meet the financial needs of a diverse customer base, adhering to the principles of Shari'ah law. This comprehensive guide will delve into Safaricom Halal Pesa, covering how to apply, interest rates, requirements, and everything you need to know to make an informed decision.

What is Safaricom Halal Pesa?

Safaricom Halal Pesa is a revolutionary Shariah-compliant mobile and digital financial solution powered by M-Pesa, Kenya's widely acclaimed mobile money platform. It is designed as a financing product, with plans to introduce a savings option. Its strict adherence to Shari'ah principles, specifically the Tawarruq model, sets it apart, which distinguishes it from conventional loan facilities.

Unlike traditional loans, Halal Pesa operates based on providing customers with a facility rather than a loan. This aligns perfectly with the beliefs of Muslim customers who are guided by Shari'ah law, which prohibits interest-bearing loans.

How to Access Safaricom Halal Pesa

Safaricom has made it convenient for all M-Pesa registered users to access Halal Pesa. To activate this service on your mobile device, follow these simple steps:

For users with the M-Pesa App:

    • Navigate to the "Grow" option on your M-Pesa App.
    • Select the Halal Pesa mini App.

For users without the M-Pesa App:

    • Dial *334# on your mobile device.
    • Select "Loans and Savings."
    • Choose "Halal Pesa."
    • Register for the service by accepting the terms and conditions and entering your M-PESA PIN.

Understanding Your Halal Pesa Limit

You will receive an initial limit based on your M-Pesa transaction history upon opting into Halal Pesa. To check your Halal Pesa limit, follow these steps:

  1. Dial *334# on your mobile device.
  2. Select "Facility."
  3. Choose "Check limit."
  4. Enter your M-PESA PIN.

The minimum amount you can request through Halal Pesa is Ksh 1,000. To increase your limit, it is advisable to use the product for transactions consistently.

Who Qualifies for Halal Pesa?

Halal Pesa is accessible to all M-PESA registered customers, regardless of religious affiliation. Therefore, it is not limited to Muslim users. To activate the service, you must follow the registration process mentioned earlier.

Minimum and Maximum Halal Pesa Limits

The minimum Halal Pesa limit is set at Ksh 1,000. This ensures that users can access a reasonable amount for their financial needs. For first-time customers, the maximum limit is Ksh 15,000, while repeat customers can access up to Ksh 20,000. The specific limit granted depends on your Halal Pesa qualifying limit.

It is important to note that if you initially request a lower amount, such as Ksh 1,000, and later require additional funds, you must repay the initial amount before ordering more. Additionally, you can only have one active facility at a time.

How to Increase Your Halal Pesa Limit

To boost your Halal Pesa limit, consider the following actions:

  1. Increase your M-PESA activity by sending and receiving money via M-PESA.
  2. Engage in more GSM (Global System for Mobile Communications) activity by making additional calls and messages on your Safaricom line.
  3. Maintain a clean Credit Reference Bureau (CRB) status.
  4. Repay other digital loans, including M-Shwari, KCB M-PESA, and Fuliza.

Halal Pesa evaluates these factors to determine your credit score, which may increase your limit.

Costs Associated with Halal Pesa

Halal Pesa operates with a profit rate of 5%, payable after 30 days. This profit serves as payment to Gulf African Bank, in partnership with Safaricom, for facilitating the purchase and sale of assets or commodities. For example, if you receive Ksh 1,000, the total repayment after 30 days would be Ksh 1,050.

Penalties for Late Payment

Halal Pesa does not impose penalties for late payments. However, if you fail to repay the facility by day 31, Halal Pesa may restructure the amount you received, resulting in a new facility with an additional 5% profit margin. It is crucial to repay within the stipulated time to avoid extra charges.

How to Repay Halal Pesa

Repaying Halal Pesa is a straightforward process. You have the option to make either partial or complete payments within the 30-day repayment period. Here's how to do it:

  1. Dial *334# or open the Halal Pesa mini App.
  2. Navigate to "Facility."
  3. Select "Pay Facility."
  4. Choose the facility you wish to repay.
  5. Indicate whether you want to pay in full or partially.
  6. For complete payment, enter your M-PESA PIN and confirm the price.
  7. For partial payment, specify the amount you wish to pay, enter your M-PESA PIN, and ensure the price.

After repaying the previous facility, you can request a new one if needed.

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Safaricom Halal Pesa is a groundbreaking financial solution that aligns with the principles of Shari'ah law, offering accessible and interest-free financing to M-Pesa customers. Its convenience and affordability make it a valuable addition to Safaricom's suite of financial services, empowering individuals to meet their financial needs while adhering to their faith. To apply for Halal Pesa, follow the easy registration steps and enjoy the benefits of this Shariah-compliant financial facility.

In partnership with Gulf African Bank, Safaricom is committed to expanding financial inclusion and ensuring no one is left behind. Halal Pesa is a testament to their dedication to providing innovative and inclusive economic solutions to the Kenyan community.

Joseph Richard Joseph is a graduate of Mathematics and Computer Science (Applied Option). With expertise in Technology and Finance, he brings his knowledge to the field, demonstrating an authoritative understanding of these interrelated areas. Joseph is pursuing a Master's in Software Engineering, further expanding his skill set.