Standard Investment Bank (SIB Najah) Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
Standard Investment Bank (SIB Najah) offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
Standard Investment Bank (SIB Najah) - At a Glance
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Our Verdict
SIB Najah is the most institutional halal investing operation in Kenya: a real investment bank, a named Shariah board with a chairman who teaches Islamic finance, and the country's largest Shariah fund by a wide margin. The trade-offs are cost and complexity. The 5% p.a. financial services charge plus performance fee is expensive by global standards even if the headline entry/exit fees are zero, and a multi-asset long/short global mandate is harder for a retail investor to reason about than a money market fund. For larger halal portfolios in Kenya it is nonetheless the serious option.
Pros & Cons
What We Like
- Kenya's largest Shariah fund with published CMA-reported AUM
- Named scholars: Sheikh Dr. Islam Mohamed Salim (chairman), Sheikh Abdirahman D. Guhad, Sheikh Ibrahim Rashid Mohamed
- Zero entry and exit fees; quarterly statements and fact sheets
- Global multi-asset diversification unusual in the Kenyan retail market
- Backed by a full-service CMA-licensed investment bank with research and trading desks
What Could Be Better
- 5% p.a. financial services charge is high; add a performance fee above the hurdle
- KES 100,000 minimum excludes small savers
- 6-month lock-in before free redemptions
- Derivatives-based long/short strategy raises Shariah questions some scholars would press; the board's approval reasoning is not published
Who Is Standard Investment Bank (SIB Najah) Best For?
Affluent halal investors
KES 100,000+ into Kenya's largest scholar-supervised Shariah mandate
Dollar savers
The USD class offers offshore-currency halal exposure from USD 1,000
Investors who want governance
The only Kenyan fund manager with a named, multi-scholar Shariah board and secretary
Detailed Analysis
Standard Investment Bank is one of Kenya's established CMA-licensed investment banks, and SIB Najah is its Islamic finance division covering Shariah-compliant investment management, securities trading and corporate advisory. The flagship is the Mansa-X Shariah Special Fund, the Shariah-screened variant of SIB's well-known Mansa-X multi-asset fund. CMA quarterly collective investment scheme data for Q1 2026 shows the Shariah fund at roughly KES 3.5 billion across its KES and USD classes, which makes it comfortably the largest Shariah-compliant fund in the country - about ten times the size of Etica's Shariah funds and over a thousand times Kuza's.
Governance is the differentiator. SIB Najah publishes a standing Shariah Advisory Board: Sheikh Dr. Islam Mohamed Salim (chairman), Sheikh Abdirahman D. Guhad and Sheikh Ibrahim Rashid Mohamed, with Khalfan Abdallah Salim as secretary. No other Kenyan fund manager we verified names a full board. The board's mandate is to screen products and the portfolio for compliance, and SIB Najah's materials describe avoiding riba, gharar and prohibited sectors.
The strategy itself deserves scrutiny. Mansa-X (including the Shariah variant) is a global multi-asset strategy that can go long and short across equities, currencies and commodities. Long/short execution typically involves instruments (margin, CFDs, derivatives) that many Shariah boards restrict or prohibit; SIB Najah's public materials assert board approval but do not publish the fatwa or the screening methodology that reconciles shorting with Shariah. Investors who follow stricter standards should ask SIB directly for the board's reasoning before subscribing.
Costs are structured unusually: 0% entry, 0% exit, but a 5% p.a. financial services charge, plus a performance fee on returns above the hurdle. On a fund returning mid-teens gross that structure can consume a third or more of the gross return. The offset is that reported net returns have historically been strong, and the fund's scale, I&M Bank custody and CMA regulation give it an institutional footing no other Kenyan halal product matches.
How It Works
The Mansa-X Shariah Special Fund is a CMA-regulated special fund investing globally across Shariah-screened multi-asset opportunities. The SIB Najah Shariah Advisory Board screens the investible universe and portfolio; prohibited sectors and interest-bearing instruments are excluded. The fund charges no subscription or redemption fees; the manager earns a 5% p.a. financial services charge and a performance fee above the hurdle rate. Custody sits with I&M Bank and the fund reports quarterly.
Open an account
Complete SIB Najah onboarding with KYC documents; minimum KES 100,000 or USD 1,000 for the respective class.
Subscribe
Funds are invested into the Shariah-screened global multi-asset portfolio; no entry fee is charged.
Hold and redeem
A 6-month initial lock-in applies; thereafter redemptions are free of exit fees, with quarterly statements and fact sheets.
Shariah Compliance Review
Oversight Level
Review details on provider's website
SIB Najah Shariah Advisory Board named in full: Sheikh Dr. Islam Mohamed Salim (chairman), Sheikh Abdirahman D. Guhad, Sheikh Ibrahim Rashid Mohamed; secretary Khalfan Abdallah Salim (SIB Najah materials, accessed 2026-08-06)
Mansa-X Shariah Special Fund is CMA-regulated; AUM reported in CMA quarterly CIS data (Q1 2026, accessed 2026-08-06)
Fund profile published at sib.co.ke/najah with fee and minimum disclosures (accessed 2026-08-06)
Screening methodology and board fatwa for the long/short mandate are not published; disclosure gap noted
Shariah compliance should always be verified directly with Standard Investment Bank (SIB Najah). HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Against Etica's Shariah funds, Mansa-X Shariah is the growth mandate to Etica's income product: higher minimum (KES 100,000 versus KES 100), higher cost (5% p.a. versus 2%), named board versus no board, and a global multi-asset strategy versus Islamic deposits. Against Kuza's Shariah Momentum fund, SIB wins on every observable dimension: AUM (KES 3.5bn versus KES 2.5m), governance (named board versus none) and track record. Against Ndovu's Halaal Fund, SIB offers active management under its own board while Ndovu passively wraps an externally certified ETF at a lower ticket size.
vs. Etica Capital
KES 100 minimum halal income funds with instant M-PESA liquidity, but no named Shariah board and no growth mandate.
vs. Ndovu
KES 5,000 into a certified US Shariah ETF via a robo app; cheaper entry, passive strategy, compliance inherited from the ETF.
The only other Shariah growth mandate in Kenya, at 2% p.a., but tiny AUM and no published board.
Bottom Line
Kenya's most serious halal investment product: the largest Shariah fund in the country, run by the only manager with a named multi-scholar board. Budget for the 5% annual charge, respect the 6-month lock-in, and press SIB for the board's reasoning on the long/short mandate if you follow stricter screening standards.
Products from Standard Investment Bank (SIB Najah)
Why It's Halal
SIB Najah operates under its own named Shariah Advisory Board: Sheikh Dr. Islam Mohamed Salim (Chairman), Sheikh Abdirahman D. Guhad and Sheikh Ibrahim Rashid Mohamed, with Khalfan Abdallah Salim as Secretary, responsible for guidance and screening so investments avoid riba, gharar and non-compliant industries such as alcohol or gambling. The fund is CMA-regulated and domiciled in Kenya. Caveats: the 5% p.a. financial services charge is very high by global fund standards and should be weighed against delivered net returns; the portfolio's specific holdings and the board's fatwa documents are not published on the crawlable pages (sib.co.ke, accessed 2026-08-06).
Standard Investment Bank (SIB Najah)
Mansa-X Shariah Special Fund (KES & USD)
Kenya's largest Shariah-compliant fund: a CMA-regulated multi-asset special fund from SIB Najah, the Islamic investment banking division of Standard Investment Bank, investing in screened Shariah-compliant instruments across local and global markets. KES and USD classes, each with a 6-month lock-in. Per the CMA's Q1 2026 CIS report the KES fund held about KES 3.0 billion and the USD fund about KES 527.9 million equivalent, making it by far the biggest Shariah special fund in the country. Fund profile: 0% initial fee, 0% redemption fee, 5% p.a. financial services charge prorated daily, performance fee of 10% above a 25% hurdle (KES) and 15% above a 15% hurdle (USD), custodian I&M Bank, withdrawals in 2 to 3 working days (sib.co.ke/najah and SIB Najah Q3 2025 introduction deck, accessed 2026-08-06).
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Where Available
Based on listings we track, Standard Investment Bank (SIB Najah) operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Standard Investment Bank (SIB Najah).
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Quick Answer
Standard Investment Bank (SIB Najah) offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Investing options.
Key Takeaways
- Standard Investment Bank (SIB Najah) offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Investing.
- Always verify compliance directly with Standard Investment Bank (SIB Najah) and consult qualified Islamic finance advisors when needed.
- Compare Standard Investment Bank (SIB Najah)'s products with other providers to find the best fit for your needs.
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
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Frequently Asked Questions
What types of halal products does Standard Investment Bank (SIB Najah) offer?
Standard Investment Bank (SIB Najah) offers 1 product across 1 category. Standard Investment Bank (SIB Najah) is best for [object Object],[object Object],[object Object]. Review the products listed above or contact Standard Investment Bank (SIB Najah) directly for current offerings.
How does Standard Investment Bank (SIB Najah) ensure Shariah compliance?
SIB Najah Shariah Advisory Board named in full: Sheikh Dr. Islam Mohamed Salim (chairman), Sheikh Abdirahman D. Guhad, Sheikh Ibrahim Rashid Mohamed; secretary Khalfan Abdallah Salim (SIB Najah materials, accessed 2026-08-06) Mansa-X Shariah Special Fund is CMA-regulated; AUM reported in CMA quarterly CIS data (Q1 2026, accessed 2026-08-06) Fund profile published at sib.co.ke/najah with fee and minimum disclosures (accessed 2026-08-06) Screening methodology and board fatwa for the long/short mandate are not published; disclosure gap noted
How does Standard Investment Bank (SIB Najah) work?
Open an account: Complete SIB Najah onboarding with KYC documents; minimum KES 100,000 or USD 1,000 for the respective class. Subscribe: Funds are invested into the Shariah-screened global multi-asset portfolio; no entry fee is charged. Hold and redeem: A 6-month initial lock-in applies; thereafter redemptions are free of exit fees, with quarterly statements and fact sheets.
Is Standard Investment Bank (SIB Najah) available in my state?
Standard Investment Bank (SIB Najah) operates nationwide, though specific products may have regional limitations. Always verify current availability directly with Standard Investment Bank (SIB Najah).
What are alternatives to Standard Investment Bank (SIB Najah)?
Against Etica's Shariah funds, Mansa-X Shariah is the growth mandate to Etica's income product: higher minimum (KES 100,000 versus KES 100), higher cost (5% p.a. versus 2%), named board versus no board, and a global multi-asset strategy versus Islamic deposits. Against Kuza's Shariah Momentum fund, SIB wins on every observable dimension: AUM (KES 3.5bn versus KES 2.5m), governance (named board versus none) and track record. Against Ndovu's Halaal Fund, SIB offers active management under its own board while Ndovu passively wraps an externally certified ETF at a lower ticket size. Etica Capital: KES 100 minimum halal income funds with instant M-PESA liquidity, but no named Shariah board and no growth mandate. Ndovu: KES 5,000 into a certified US Shariah ETF via a robo app; cheaper entry, passive strategy, compliance inherited from the ETF. Kuza Asset Management: The only other Shariah growth mandate in Kenya, at 2% p.a., but tiny AUM and no published board.
Are Standard Investment Bank (SIB Najah)'s products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Standard Investment Bank (SIB Najah)?
Contact information for Standard Investment Bank (SIB Najah) should be available through their website or the product listings above. Use the action links provided with each product to visit Standard Investment Bank (SIB Najah)'s website or contact them directly for more information.
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