Residents and enterprise house owners in Mombasa are expressing optimism following the official opening of Salaam Microfinance Financial institution’s new department alongside Nkrumah Highway, marking the financial institution’s growth to the Coast area.
The launch on Saturday drew native dignitaries, neighborhood leaders, and tons of of residents desirous to witness the arrival of a Shari’ah-compliant monetary establishment that guarantees moral and inclusive banking options.
“This can be a main win for small merchants like us. We have now lengthy wanted a financial institution that not solely understands Islamic finance however can be able to stroll with us in our day by day enterprise challenges,” mentioned Halima Omar
The brand new department will provide a complete vary of providers, together with enterprise financing, financial savings accounts, and digital banking by way of the Salaam Pay App.
All choices are in strict compliance with Islamic banking rules, catering to a big phase of the inhabitants within the predominantly Muslim county.
Jaafar Abdulkadir, CEO of Salaam Microfinance Financial institution, mentioned the growth is a part of the financial institution’s broader mission to empower communities throughout the nation.
“Our Mombasa department strengthens our dedication to supporting companies and communities within the coastal area. We’re excited to develop our footprint and contribute to Mombasa’s dynamic financial system by tailor-made monetary options,” he mentioned.
Enterprise house owners alongside Nkrumah Highway welcomed the event, calling it well timed and strategic.
“We have now struggled with entry to moral financing. Salaam Financial institution’s entry offers us hope. Their providers are structured to accommodate our religion, and that makes an enormous distinction,” mentioned Saeed Mwashimba, a boutique proprietor in Mwembe Tayari.
For a lot of younger entrepreneurs, the digital banking characteristic by way of the Salaam Pay App stood out as a game-changer.
“Most of us function on-line retailers and want quick, dependable monetary providers. With Salaam Pay, I can handle my cash straight from my telephone and nonetheless adjust to Islamic values,” mentioned 26-year-old Salma Ahmed, who runs a cosmetics enterprise on Instagram.
Neighborhood leaders additionally lauded the transfer, noting that monetary inclusion has remained a barrier to financial development in components of Mombasa.
“This reveals respect for our tradition and gives actual alternatives. Younger folks now have an opportunity to develop their ventures with out worry of falling into riba (curiosity), which is prohibited in Islam,” mentioned Sheikh Abubakar Noor.
Native economists consider the financial institution’s entry might considerably enhance monetary literacy and accountable lending practices within the area.
“This isn’t nearly banking; it’s about dignity. When girls and youth can entry capital with out compromising their beliefs, all of us win,” mentioned Riziki Baya.
Salaam Microfinance Financial institution, a subsidiary of Salaam African Financial institution, is the primary microfinance establishment in Kenya providing totally Shari’ah-compliant providers.
It’s regulated by the Central Financial institution of Kenya and presently operates branches in Nairobi’s Eastleigh and Kimathi Road, alongside the brand new Mombasa department.
Mombasa residents expressed pleasure and hope for what they see as a brand new monetary daybreak within the area.
“I really feel seen, and I really feel included. This financial institution got here for folks like me, and I can’t wait to open an account,” mentioned Abdirahman Issa.
