The Hustler fund will be repackaged to allow Muslims to access it, according to Presidential Communication Service (PCS)
President William Ruto said on Monday, April 8, during an Iftar dinner at State House that packaging the fund to be Shariah compliant would deepen financial inclusion in Kenya.
“We will also adjust other Government financial instruments to comply with the Islamic Law,” Ruto said.
He urged religious leaders to be on the forefront in praying for the country, and added that more than seven million Kenyans are benefiting from the fund that was launched about 17 months ago – on November 30, 2022.
“We are on track to making Kenya a better country for all. It is our responsibility to make it greater,” said.
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This development comes just a month after the Cooperatives, Micro, Small and Medium Enterprises Cabinet Secretary Simon Chelugui, said at a Visa and the Africa Confederation of Cooperative Savings and Credit Association partnership event, that the fund is yet to receive 100 per cent repayment despite the rise in disbursements.
As at March 22, Kenyans had repaid more than Sh37 billion out of a disbursement of Sh49 billion Hustler Fund loans.
