In this article, you will learn about Halal Pesa, and how to register and borrow money from the facility. Safaricom is Kenya’s biggest mobile operator, offering various mobile lending products including Fuliza, M-Shwari, and KCB M-Pesa. However, Muslims cannot borrow loans from these products because they are interest-bearing, which is against Islamic beliefs. To address this issue, Safaricom partnered with Gulf African Bank Limited to launch Halal Pesa, a digital finance service based on Shariah principles, running on the MPesa platform.
How to join Halal Pesa
Joining Halal Pesa is easy. You are only required to have a Safaricom line that is M-Pesa registered—you don’t have to be a Muslim as you probably might think.
To register, dial *334# on your MPesa registered line. Select “Loans and Savings” followed by “Halal Pesa” and then “Register.” Finally, accept the terms and conditions and complete the registration by entering your M-Pesa PIN.
Another way to register is through their mobile app, which is available for Android and Apple mobile devices. Head to Google Play Store or App Store and install the app on your device. Open it and select “Grow”. From there, the registration process is straightforward; just follow the prompts on your screen.
After completing the above steps, wait for a confirmation message.
What is Halal Pesa loan limit?
The minimum amount you can borrow is Ksh 1,000. The maximum limit is Ksh 15,000 for first-time customers and Ksh 20,000 for repeat customers.
You can increase your loan limit by frequently using MPesa services and clearing your Fuliza, M-Shwari, and KCB MPesa loans.
What is Halal Pesa interest rate?
The facility does not charge an interest rate. Instead, it follows Sharia law, which prohibits making money from money. It only charges a 5% margin, repayable after 30 days.
How to repay your Halal Pesa loan
You can repay your loan by following the procedure below:
- Dial *334# and select “Loans and Savings”
- Select “Halal Pesa” from the list
- Select “Facility” and go to “Pay Facility”
- Enter your M-Pesa PIN and complete the transaction
Conclusion
Halal Pesa is a great mobile financing facility that enables Muslims to borrow “Halal Loans” and repay after 30 days. Even if you are not a Muslim, you can try out this facility; it is a cheap alternative to other mobile lenders such as Tala and M-Shwari. However, you must be ready to repay the full amount plus the 5% profit on time to increase your limit.
