The GCIB Money Market Fund run by GulfCap Investment Bank is not Shari'ah compliant. Its May 2026 fact sheet shows the fund invested entirely in bank deposits and call accounts, lists compounding interest as a key benefit and carries no Shari'ah oversight. The same manager runs three halal products: the Ziidi Shari'ah Money Market Fund inside M-PESA from KES 100, the GulfCap Shari'ah Fixed Income Fund from KES 1,000, and the GulfCap Shari'ah Multi-Asset Fund from KES 200,000, each certified by GCIB's Shari'ah Supervisory Board. If you searched for GulfCap because you want a halal money market fund, the conventional MMF is the wrong door; the Shari'ah division and Ziidi Shari'ah are the right ones.
Ready to compare halal options?
Who GulfCap Investment Bank is
GCIB was established in 2011 and licensed by the Capital Markets Authority in 2022; its Shari'ah site adds that it is also regulated by the Retirement Benefits Authority. It is based on the fifth floor of Block A, Merchant Square, Riverside Drive, Nairobi, reachable on 0715 773 333 and clientservices@gcib.africa. The product brochure describes four lines: corporate finance, asset and wealth management (unit trusts, private wealth and Shari'ah investments), diaspora services and a ventures consultancy. Its own timeline runs from the 2022 fund manager licence, through private wealth and unit trust launches in 2024, to a GCIB Shari'ah fund and the Safaricom Ziidi Shari'ah mandate in 2025.
That last mandate is why the name matters to Kenyan Muslims. Safaricom's Ziidi Shari'ah page, published 24 September 2026, names GulfCap as manager and administrator of the fund with KCB Bank Kenya as trustee, making GCIB the gatekeeper of the only halal savings product inside M-PESA. A firm that manages the halal option for millions of M-PESA users also sells a conventional MMF under its own name, and the two get confused in search. Our investing hub lists the halal funds; this page sorts out which GCIB products belong on that list.
What the GCIB Money Market Fund actually holds
The May 2026 fact sheet is unambiguous. The GCIB Money Market Fund seeks short-term capital appreciation from short-term fixed income securities, with a strategy of keeping at least 80% of net assets in bank deposits and call accounts; the May allocation chart shows 80% bank deposits and 20% call accounts. The brochure describes the same fund as investing primarily in call deposits, fixed deposits and treasury bills. The key benefits box lists compounding interest, capital protection and attractive yields. None of those instruments is Shari'ah screened, there is no Shari'ah board named for this fund, and the word interest is used without apology because it is a conventional product sold to a conventional market.
The terms are otherwise straightforward. Minimum investment KES 1,000, minimum top-up KES 100, no lock-in, nil initial fee, a 2% annual management fee, monthly income distribution, Co-operative Bank of Kenya as trustee, I&M Bank Kenya as custodian and PKF as auditor. The published average return for May 2026 was 9.75% per annum net of fees and gross of withholding tax; the June 2025 brochure had quoted a 10% to 11% range. The fact sheet gives a launch date of March 2024 while the brochure says December 2024, a small inconsistency worth asking about. Funding is by bank transfer to an I&M account or by M-Pesa Pay Bill 4221888 with your GMF client code followed by the letter M.
The rest of the conventional shelf
Two more funds sit beside the MMF on gcib.africa and neither is halal. The GCIB Fixed Income Fund keeps at least 80% of assets in bank deposits and debt securities including government bonds; its May 2026 split was 60% government bonds, 30% fixed deposits and 10% call accounts, with a 9.99% average return, optional 3, 6 or 12 month lock-ins and the same KES 1,000 minimum and 2% fee. The GCIB Multi Asset Special Fund needs KES 200,000 to start and KES 50,000 top-ups, recommends a three-year horizon, redeems twice a year and spreads across NSE equities, treasury bonds and bills, money market instruments and SME private credit, with a 17% annualised figure on its sheet. Conventional bonds, bills and private credit are interest instruments, so a Muslim investor should pass on all three. The question of whether government paper can ever be held is answered in our treasury bills and bonds verdict.
GCIB's Shari'ah division: the halal door outside M-PESA
GCIB runs a separate Shari'ah division with its own website, shariah.gcib.africa, and two funds certified by its Shari'ah Supervisory Board. The GulfCap Shari'ah Fixed Income Fund is described as anchored in Sukuk and other halal fixed-income instruments, aimed at capital preservation, with a KES 1,000 minimum. The GulfCap Shari'ah Multi-Asset Fund spans halal equities, Sukuk and other compliant assets from KES 200,000. The division states its screens exclude alcohol, tobacco, weapons, gambling and other prohibited industries, that returns are not interest or riba, and that every fund is reviewed by the board on an ongoing basis. The board's members are not named on the pages we read, which is a disclosure gap shared with most Kenyan halal funds and discussed in our governance review of who certifies halal investments.
Access is through portal.gcib.africa. The sign-up flow is to pick an account type (individual, corporate, joint or partnership), complete the form, confirm a one-time code sent to your phone, set a password, verify your email, then create an investment from the dashboard. Documents are the application form or portal login, ID or passport, KRA PIN, proof of bank details such as a statement under three months old or a cancelled cheque, and the M-Pesa or deposit slip for the correct fund, confirmed by email to client services. The Shari'ah site says deposits from KES 1,000 can be made by M-Pesa, bank transfer or EFT. No current yield for either Shari'ah fund was printed on the pages we fetched; ask for the latest fact sheet before investing.
Ziidi Shari'ah versus the GCIB MMF
Ziidi Shari'ah is the product most readers actually want. Safaricom's page states it is managed and administered by GulfCap, a CMA-licensed fund manager, under the GCIB Shari'ah Supervisory Board, with KCB Bank Kenya as trustee. It invests only in Sukuk, Mudarabah deposits with Islamic institutions, and Shari'ah-screened government and corporate securities, excludes the usual prohibited sectors, and is open to any M-PESA customer aged 18 or over regardless of faith. The minimum is KES 100, deposits and withdrawals are free, the management fee is built into the displayed yield, a 15% withholding tax is deducted automatically, deposits before 3:00 pm earn the same day, and a voluntary lock can be released within 72 hours. The page gives an indicative variable return of about 6% to 8% and says the conventional Ziidi MMF is run by Standard Investment Bank and ALA Capital, a different manager entirely.
| Point | GCIB Money Market Fund | Ziidi Shari'ah MMF | GulfCap Shari'ah Fixed Income Fund | Etica Shariah fund |
|---|---|---|---|---|
| Shari'ah compliant | No | Yes, GCIB Shari'ah Supervisory Board | Yes, GCIB Shari'ah Supervisory Board | Yes; board not named on its site |
| Underlying assets | Bank deposits and call accounts; brochure adds treasury bills | Sukuk, Mudarabah deposits, screened securities | Sukuk and halal fixed income | Shari'ah-compliant instruments; see our profile |
| Minimum | KES 1,000 (top-up KES 100) | KES 100 | KES 1,000 | KES 100 |
| Fee | 2% a year, initial fee nil | Built into the yield | Not printed on the pages we read | Printed on its site |
| Published return | 9.75% p.a. for May 2026 | About 6% to 8%, variable | Not printed | Live rate on its site |
| Trustee | Co-operative Bank of Kenya | KCB Bank Kenya | Not printed | See our profile |
| Access | portal.gcib.africa, Pay Bill 4221888 | My OneApp or *334# | portal.gcib.africa | Mobile money; see our profile |
The comparison exposes the trade-off. The conventional MMF prints a higher number because interest-bearing bank deposits in Kenya currently pay more than Sukuk and Mudarabah placements, and because its yield is quoted gross of withholding tax while Ziidi's indicative figure is after the fund's costs. A Muslim investor is not choosing between 9.75% and 6% to 8%; the first number is off the table. The real choice is between Ziidi Shari'ah for M-PESA convenience, GCIB's own Shari'ah Fixed Income Fund for a Sukuk-heavier mandate through the portal, and Etica Capital or SIB Najah as the other managers with Shari'ah money market products. Our fixed deposit versus Shari'ah money market fund comparison adds the bank Mudarabah deposits to the picture.
Questions to ask GCIB before you invest in the Shari'ah funds
- Which Shari'ah Supervisory Board members certify the Fixed Income and Multi-Asset funds, and is the fatwa or certificate available to investors?
- What is the current indicative yield of the Shari'ah Fixed Income Fund, net of the management fee and gross of withholding tax, and how is it distributed?
- What exactly is in the Sukuk sleeve, given Kenya has no domestic sovereign Sukuk programme, and how much sits in Mudarabah deposits with which Islamic banks?
- Is the 2% management fee of the conventional funds the same on the Shari'ah funds, and is there any initial or exit charge?
- Who is the trustee and custodian of the Shari'ah funds, since the conventional funds name Co-operative Bank and I&M Bank?
- How is non-compliant income, if any, purified, and does the fund report a purification ratio to investors?
The Sukuk question deserves emphasis. Kenya has not issued a sovereign Sukuk, so a Kenyan Sukuk fund must hold regional or international paper, corporate issues or structured placements, each with currency and credit considerations. Our Sukuk in Kenya guide explains what exists and what does not.
Verdict for the Muslim investor who found GCIB first
Do not open the GCIB Money Market Fund. It is a well-run conventional product with a Co-operative Bank trustee and a published 9.75% yield, but its return is interest on bank deposits and the firm does not claim otherwise. If you want halal liquidity from KES 100 with instant M-PESA access, use Ziidi Shari'ah, which GulfCap manages under its Shari'ah board with KCB as trustee. If you want to hold more and prefer a Sukuk-anchored mandate with a direct relationship to the manager, open an account at portal.gcib.africa, choose the Shari'ah Fixed Income Fund, and get the current fact sheet and the board's certificate in writing first.
For anyone else searching GulfCap, GCIB or GCIB MMF, the answer to the question in the title is no, the GCIB Money Market Fund is not halal, and yes, the same company runs funds that are. Facts checked against gcib.africa, shariah.gcib.africa and safaricom.co.ke on 17 September 2026.
Frequently asked questions
Is the GulfCap Money Market Fund halal?
No. The GCIB Money Market Fund's May 2026 fact sheet shows 80% in bank deposits and 20% in call accounts, lists compounding interest as a benefit and names no Shari'ah board. Interest from conventional bank deposits is riba. GulfCap's halal products are the Ziidi Shari'ah MMF in M-PESA and the Shari'ah Fixed Income and Multi-Asset Funds on its separate Shari'ah division site.
What is the difference between GCIB MMF and Ziidi Shari'ah?
GCIB MMF is GulfCap's own conventional fund: KES 1,000 minimum, 2% fee, bank deposits and call accounts, Co-operative Bank trustee, 9.75% in May 2026. Ziidi Shari'ah is Safaricom's M-PESA fund that GulfCap manages under its Shari'ah Supervisory Board: KES 100 minimum, Sukuk and Mudarabah deposits, KCB Bank Kenya trustee, about 6% to 8% indicative. Same manager, different fund, different rules.
Does GulfCap have a Shari'ah fund I can buy outside M-PESA?
Yes. The GulfCap Shari'ah Fixed Income Fund (KES 1,000 minimum, Sukuk-anchored) and the GulfCap Shari'ah Multi-Asset Fund (KES 200,000 minimum, halal equities and Sukuk) are offered through shariah.gcib.africa and the portal at portal.gcib.africa, with deposits by M-Pesa, bank transfer or EFT. Both are described as certified by GCIB's Shari'ah Supervisory Board.
What does the GCIB Money Market Fund pay and charge?
The May 2026 fact sheet printed an average return of 9.75% per annum, net of the 2% annual management fee and before 15% withholding tax, with monthly distribution, no initial fee and no lock-in. The minimum investment is KES 1,000 and top-ups start at KES 100. Those terms describe a conventional fund and are given here for comparison only.
Who is the trustee of GulfCap's funds?
For the GCIB Money Market Fund, Fixed Income Fund and Multi Asset Special Fund, the trustee is Co-operative Bank of Kenya, the custodian is I&M Bank Kenya and the auditor is PKF, all regulated under the Capital Markets Authority. For the Ziidi Shari'ah MMF the trustee is KCB Bank Kenya. The trustee and custodian of the two Shari'ah division funds were not printed on the pages we read.
Compare providers in your county
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Is GulfCap Investment Bank regulated?
Yes. GulfCap states it was licensed by the Capital Markets Authority in 2022 as a fund manager, and its Shari'ah site adds regulation by the Retirement Benefits Authority. Safaricom describes it as a CMA-licensed fund manager for Ziidi Shari'ah. CMA regulation covers conduct and fund structure; it does not certify Shari'ah compliance, which rests with GCIB's own Shari'ah Supervisory Board.
