Islamic Fintech in Kenya

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Tehran (IQNA)-Kenya, one of the developing countries in Africa, has been able to attract large investors to its economy, and the field of Islamic finance is growing due to the presence of a large Muslim population.

Capital Solutions, Kenya’s leading Fintech, seeks to provide small businesses with the alternative financial support they need to plan and meet their financial needs, through a single platform, by providing alternative financing tools.

In addition to traditional Islamic banking services, Kenyan authorities are also keen to use Fintech to advance the innovation sector, facilitate transactions and encourage business for large, small and medium enterprises (SMEs), and individuals.

حَل کپیتال و تلاش برای تبدیل شدن به بازیگر اول فین‌تِک اسلامی کنیا

“Hal Capital” is a Finnish Fintech organization seeking to become a key player in the Kenyan consumer goods industry. It offers alternative financing tools in the form of microfinance. Founded in 2020, by Mohamoud Dualeh, this organization aims to improve financial participation and is the first startup to offer products and services that are not only regulatory but also Sharia compliant.

Capital Solutions, with the aim of creating a strong community of business owners, hopes to fill the budget gap that Kenyan small business owners face today, by enabling the permanent storage of resources and the growth of the business. Capital Solutions evaluates real business growth opportunities seeking financial assistance and loans, evaluates and creates simplified financial offers with appropriate partners.

Due to a lack of public transport and high fuel prices, a method called “Ride Hailing” allows car owners to share their seats with other passengers, to avoid traffic jams and pollution, and reduce costs. Capital Solutions offers a service called INSTANT FUEL FINANCE, for those people who share their car, to get fuel at a reasonable price and increase their income through the company’s app.

حَل کپیتال و تلاش برای تبدیل شدن به بازیگر اول فین‌تِک اسلامی کنیا

STOCK FINANCING is another service that provides financial solutions that allow users to optimize the growth of their small business, through equity financing.

Capital Solutions is also working on a service called SALARY CREDIT ADVANCE, which helps employers provide employees with a down payment or financing. Through cooperation with employers, the startup is supposed to provide micro-financial assistance in accordance with Sharia financial laws, in the form of prepayments for employees of companies, which reduces financial costs for employers and allows better working conditions. .

According to Capital Solutions officials, the plan adjusts salaries according to the situation of employees, and allows them to control their finances, with the support of their employers.

Last year, “Capital Solutions” signed a contract with Dukaree to provide immediate financial assistance to its network of clients. Under the “Capital & Dual Solutions” MoU through joint ventures, will provide a simple, flexible and accelerated growth financing chain, enjoying transparency, stability and direct payments, for small and medium enterprises in Kenya.



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