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Halal Pesa

What is Halal Pesa?

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This is the first Shari’ah compliant based digital financing product powered by MPESA in partnership with Gulf African Bank Ltd. Currently it is a financing product only and does not have saving, which will be introduced later.     

Why Halal Pesa?

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This product was designed to cater to our Muslim customers who stay out of other lending products since they don’t adhere to Shari’ah law. Shari’ah law does not support/allow taking loans/borrowing money from banks or individuals where interest is charged.

How is Halal Pesa different from other lending products?

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Since Halal Pesa product is based on Shari’ah principles, it operates under Tawarruq model: which basically means that the customer is given a facility and not a loan. For customers who would like to verify the Shari’ah compliance of the product and other product details please visit www.gulfafricanbank.com

Who can join Halal pesa

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Halal pesa is available to All M-PESA registered users.

How do I activate Halal Pesa on my phone?

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Go the M-PESA Super App under the “Grow” option, Halal Pesa mini App. For customer without the M-PESA App, download from either the App store or Google play store

Or

  • Dial *334#
  • Select Loans and Savings
  • Select Halal Pesa
  • Select Register
  • Check terms and conditions, read and then accept the terms and conditions
  • Enter your MPESA PIN. You will receive a confirmation message from Halal Pesa

Can I activate more than one M-PESA line for Halal Pesa services if I have more than one SIM cards on my ID?

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Yes. However, the assigned limit shall be distributed between the different mobile phone numbers.

How will I know my Halal Pesa limit?

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The Halal Pesa limit will be allocated during opt- in process and customer will be notified via SMS.

Go Halal Pesa mini App or Dial *334#

  • Select Facility
  • Select Check limit
  • Enter your MPESA PIN

I have a limit of Ksh. 5000 but I have requested for Ksh. 1000. Can I request for another facility before paying the previous one in full?

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 No.  Only one facility can be requested at a time

What is the minimum facility I can request?

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The minimum amount allowed is Kshs.1000. One cannot request for an amount less than this.

How much will I be charged for utilizing Halal Pesa?

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A customer may repay partially or in full;

  • Go to Halal Pesa mini App or Dial *334#
  • Go to Facility
  • Select Pay Facility
  • Select facility to be paid
  • Select option to pay in full or partial.
  • For full payment, enter the M-PESA PIN and confirm to pay
  • For partial payment, enter the amount, M-PESA PIN and confirm to pay

Will I pay any penalties for late repayment

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If facility is not paid by day 31, the facility will be restructured to allow for another 30days at a 5% profit rate of the principal amount:

Example: if you were given a facility of Ksh.1000, at profit rate of 5%, the total due on day 30 will be Ksh.1000 + Ksh.50 = Ksh.1050. If you are unable to pay by date 31 then the facility is restructured at a 5% profit rate again, where you will be expected to pay Ksh.1000+Ksh.50+Ksh.50 = Ksh.1100 by day 60. After day 60 no other charges will be applied on the facility.

How can I get my Halal Pesa balance?

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Go to Halal Pesa mini App or Dial *347#

  • Select Check Balance
  • Enter right MPESA PIN

How do I know the due date for settling my Halal Pesa facility? 

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Go to Halal Pesa mini App or Dial *347#

  • Select Facility
  • Select Facility Balance
  • Enter right MPESA PIN
  • You will receive a message: “Your Halal Pesa outstanding Facility balance is Ksh.xxxx.xx due on 09-05-2022.

What is the minimum and maximum Halal Pesa product limit?

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  • Minimum = Ksh.1,000
  • Maximum = Ksh.15,000 (first time customers) & Ksh.20,000 (repeat customers) subject to customer’s qualifying limit

How do I Opt out of Halal Pesa?

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Go to the Halal Pesa mini app or Dial *334#

  • Select Opt Out
  • Confirm you want to opt out
  • Enter M-PESA PIN