President William Ruto has unveiled plans to introduce a Sharia-compliant component to the Hustler Fund, ensuring fair access to government financial products for all Kenyans regardless of their religious beliefs. Addressing concerns of discrimination, Ruto pledged to revamp existing programs to cater to the needs of the Muslim community.
During an Iftar dinner at State House, Nairobi, President Ruto affirmed, “It is the first time I am receiving this request and I want to guarantee that I will process that request,” highlighting the importance of inclusivity in government initiatives.
Acknowledging the Hustler Fund’s impact in aiding millions of Kenyans, Ruto committed to incorporating Sharia principles into the fund, assuring leaders and participants of its implementation. He encouraged professionals to submit proposals to ensure compliance with Islamic finance practices.
With approximately 7.7 million regular borrowers on the Hustler Fund platform, the initiative provides loans from Sh500 to Sh50,000 at an 8% annual interest rate. Ruto’s move to introduce Sharia-compliant elements aligns with Islamic finance principles, which prohibit the charging of interest (riba) on loans.
