We have opened our first Sharia-compliant branch in Eastleigh which is also the eighth branch in the country. While launching this branch, Mr. Khalfan Abdallah, an expert in Islamic financing, said he will use his position to ensure the community reaps big from this unique product and cushions their businesses against the effects of Covid-19. “This is a new product and many people want to know how it works, and as Muslim leaders, we shall sensitise the community to take advantage of the new product,” added Mr. Abdallah. He urged the Muslim business community who are affected by Covid-19 pandemic should take advantage of Momentum Sahih products.
“These are difficult financial times and for Momentum to come up with a new product at this moment it allows its Muslim clients to use their vehicle as surety to give their businesses a shot in the arm,” said Mr Abdallah. He said the end of Covid-19 pandemic is unpredictable with the rising positive cases in the country. “Muslims should seize this rare opportunity and turn around their businesses and uplift their living standards,” he added.
Our Chief Executive Officer, Job Muriuki added that launching Momentum Sahih was a game-changer in the Islamic financial landscape in Kenya. “We want to support Muslims in their commercial activities because you play a significant role in Kenya’s economy,” said Mr. Muriuki. He noted that there 5.2million Muslims in Kenya today which translates to about 11 per cent of the Kenya population. “This is a market that has been underserved, ignored for too long and I am optimistic Momentum Sahih will change this narrative for the better of the community,” said Mr Muriuki.
He thanked Lawyer Ali Mohammed, Islamic finance expert, Khalfan Geituk and Prof. Mohamed Salim Badamana for being instrumental in developing financing Islamic products for Momentum Credit.
Prof. Badamana who is a member of the Amana Bank and the Gulf Bank said that Sahih Log Book Financing alongside the opening of the Eastleigh branch of Momentum Credit in a Shariah-compliant manner will uplift the Muslim community in the region. He urged the Muslim community to take advantage of this product as it is Shariah compliant and also the charges are fairly low and it is user friendly.