At Maktaba Sacco, we’re committed to providing financial products and services that are inclusive, accessible, and aligned with the values and beliefs of our members. That’s why we’re proud to offer Halal Savings and Loan, an Islamic banking product designed to meet the unique needs of our Muslim members. With Halal Savings and Loan, members can access financing that adheres to Islamic principles and is free from interest-based transactions. This product is part of our ongoing commitment to promoting financial inclusion and empowering all our members to achieve their financial goals.
Halal Saving Scheme
Features:
- Must be members of Maktaba Sacco as per the by-laws
- Registration fees of Ksh.1,000.00
- Minimum monthly contribution of Ksh.3,000.00
- Service charge of Ksh.500 per month
- Do not attract dividends in compliance to Sharia law
Halal Loan
Available to members who are saving regularly with Halal Saving Scheme for not less than 6 months. Members may access three types of Halal loans subject to halal savings eligibility and salary ability with disbursement subject to funds availability.
- Halal Development loan repayable in 48 months
- Halal Education loan repayable in 24 months
- Halal Emergency loan repayable in 12 months
Features:
- The loan is interest free
- Credit processing fee of 2% deductible upfront
- Granted up to 3 times a member’s total deposits
- Top up facility terms applicable after clearing 50% of the previous loan
- Guarantorship limited to guarantors’ deposits
- Maximum loan limit Ksh.3,000,000.00
“Protect your belief by Charity; guard your wealth by paying Allah’s share; and ward off the waves of calamity by Praying” Hazrat Ali (R.A.)
