Why Muslims Won’t Be able To Access Hustlers Fund.

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NAIROBI—The Hustler fund is a digital financial inclusion initiative designed to improve financial access to responsible finance for personal, micro, small, and medium-sized enterprises (MSMEs) in Kenya. It’s President William Ruto’s first major initiative and one of his main campaign pledges.


However, not all Kenyans will be able to access thanks to religious hurdles the new administration has not taken into account. Loan is strictly forbidden in Islam. Both the payment of interest and the receipt of interest payments are considered to be contrary to Islamic Shariah rules.

How does the Hustler Fund work?

a) Provides a digital platform with the best deals on financial products

b) Provides digital tools to help customers understand and manage their finances better

How will the Hustler Fund be accessed?



Through a USSD code and mobile app platforms of the mobile network operators ie Safaricom, Airtel and Telkom




What products are available under the Hustler Fund ?

a) Personal Finance.

b) Micro Loan

c) SMEs Loan

d) Start Up

What are the features of Personal Finance product?

a) Loan is between Sh500 and Sh50,000 depending on credit scoring determined by various parameters.

b) The repayment period is 14 days



c) The interest on loan is 8 per cent a year calculated per day

d) The repayment period is 14 days. If a customer borrows Sh500 at 8 per cent interest a year, in 14 days the interest will be Sh1.53. The customer will repay Sh501.53.




How much will borrowers access?


This will be determined by consistent borrowing and repayment on schedule

What happens when a customer borrows?

a) Approved loan is sent to your mobile money account: 95 per cent is deposited in your money wallet and 5 per cent in your savings account scheme of the Hustler Fund

b) The 5 per cent that goes to the savings scheme is split into two: 70 per cent of this goes to long term savings (pension) and 30 per cent to short-term savings.

c) If a customer borrows Sh1,000 for example, 5 per cent (Sh50) will go to the savings account.

d) Of the Sh50, 70 per cent (Sh35) will go to the borrower’s pension account and 30 per cent (Sh15) to the savings account

What if a loan is borrowed erroneously?

It cannot be reversed and must be repaid

How is the loan repaid?

Through the mobile money account.

Can a customer transfer the loan to another mobile phone number?



a. Be a Kenya citizen 18 years and above

b. Valid ID card

c. Registered mobile phone number with Safaricom, Airtel and Telkom

d. Have a mobile money account: Mpesa, Airtel Money or T/Kash

e. The sim card must have been in use for more than 90 days

Can one customer use than one phone number to borrow?

No. The Hustler Fund identifier is the ID number. If you need to register another number for the Hustler Fund, you must opt out of the one registered

What happens if the phone is lost?

The savings are safe because the Hustler Fund account is protected by the PIN number. The account will be accessible upon replacement of SIM card


a) If the loan is not repaid in 14 days, the customer’s credit rating is affected

b) A customer is given 15 more days and if the loan is not repaid, the interest rises to 9.5 per cent a year.

c) After more than 30 days of default, the borrower loses all the credit scores accumulated and the Hustler Fund account is frozen

NB: There is no CRB and this default does not affect the person’s credit rating with other creditors.

The defaulter can repay the loan at once or in instalments and begin borrowing again after full repayment.

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