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County scheme launches pension product for Muslims - 2 months ago, 9 Nov 13:46

By: James Kariuki

County pensions administrator CPF has moved to insulate itself against competition by launching a Shariah-compliant pensions product, Salih, aimed at its 6,000-strong Muslim base.

CPF chief executive Hosea Kili said the members, mainly drawn from 10 counties, can now freely apply to transfer their savings from conventional schemes to Salih.

The new product conforms to the Islamic law and has since been approved by Islamic scholars who will also supervise Salih funds investments, Mr Kili said.

“We have 10 counties that are predominantly Muslim and some of them had shunned our products or were grudgingly members of our pensions’ scheme.

"Now we expect to attract even other members of the society via USSD *289# for as little as Sh50 and a minimum of Sh500 a month thereby ensuring our Muslim brothers and sisters also save for retirement,” said Mr Kili.

National Assembly Majority Leader Aden Duale supported the new product saying Muslim leaders at ...
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