Vodacom Tanzania in partnership with Amana Bank has launched a new M-Pesa mobile money service dubbed Halal Pesa. Halal, which means “lawful”, ensures M-Pesa customers have access to a formal micro-savings and investment solution which adheres to Islamic laws on earning halal profits.
The launch of Halal Pesa plays a key role in Vodacom’s strategy to become a key contributor in the rapidly growing Islamic Finance sector. Halal-Pesa is for all M-Pesa users – Muslims and non-Muslims – who would like to save their money while adhering to Islamic sharia.
Halal-Pesa is a mode of saving that ensures Muslims and other customers have access to a formal micro-savings and investment solution which adheres to Islamic laws.
Vodacom said in a statement issued over the weekend that the product intends to serve more than three quarters of Muslim customers using the firm’s M-Pesa platform, where they will be able to save money and gain income through income distribution.
Vodacom’s head of M-Pesa, Mr Tulisindo Rashid, said the decision to launch Halal-Pesa was a direct response to feedback from customers who requested that their digital financial services needs be met in line with shariah principles.
“For a long time, the Muslim population has been in need of a mobile financial saving system which is tied to the pillars of the Islamic faith. This is a solution that will allow Muslim customers to achieve their financial goals while cementing their faith by abiding by shariah laws,” he said.
Mr Rashid added that Halal-Pesa is a user friendly and distinct service that is in line with Islamic principles. The service has diverse choices including saving money for Hajj, children or long-term savings ranging from three to 12 months.
Source Telecompaper