Former Acting High Commissioner to Canada Amb Moni Manyange, Pamoja Canada Diaspora Sacco chairman Ephraim Mwaura and Secretary David Feldman during the sacco launch on June 1, 2024, in Toronto. [Courtesy]
Kenyans living and working in Canada can now access Sharia-compliant loans after Pamoja Canada Diaspora Sacco unveiled compliant loan products during the Salama Community Association Annual Summer Barbeque in Canada.
The Sharia-compliant product is set to facilitate loans for emergency, education and asset finance. According to the sacco, the facilities are designed to provide ethical, accessible and inclusive financing options without conventional interest.
They will support qualifying members facing emergencies, or those pursuing education and professional development, and seeking to acquire personal, residential, commercial or income-generating assets.
Sacco chairman Ephraim Mwaura said although the Sacco is still a growing institution, inclusivity has been embedded in its operations from the beginning.
“Through these Sharia-compliant products, we want to create an environment in which members of the Muslim community can save, invest and access financing in a manner that respects their faith and financial principles," Mwaura said.