24 January 2013

Kenya: Sharia-Compliant Sacco Launched

The government has launched a Sharia-compliant Sacco for pastoralists in North Eastern.

The Community Owned Financial Initiative general manager Salesio Njeru, while launching the organisation in Garissa yesterday, said the initiative will benefit the pastoralists.

"Since independence, Muslims in our country have been yearning for a credit institution that does not charge interests. This is a golden opportunity as our Sacco will only be charging a small management fee in compliance with the Islamic teachings," said Njeri.

North Eastern cooperative officer Daniel Mutiso thanked USAID and the Kenya Dry lands Livestock Development Programme for its $3000 grant that was used to start the project.

"Right now we have a membership of 350 individuals with a saving of Sh4.3 millions and we expect the trend to go high as many of our people have expressed interest in COFI. We are calling upon Kenyans to join our Sacco as we are unlike other financial institutions and we do not charge interest. Njeri said

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