President Ruto makes new changes in Hustler Fund
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President William Ruto declared on Monday, April 8, that his administration would modify the Hustler Fund to make it Shariah-compatible
President William Ruto declared on Monday, April 8, that his administration would modify the Hustler Fund to make it Shariah-compatible.
The Head of State, addressing during the Iftar dinner at State House in Nairobi, revealed that he was acting in response to demands from Muslim leaders.
Ruto also charged Muslim leaders with developing a proposal for making additional financial goods given by the government Shariah-compliant.
“The way the financial system has been packaged, not many Muslims can access it. It is the first time I have received that request and I want to guarantee I will process it to make sure Hustler Fund is Shariah compliant so other Kenyans can benefit,” Ruto promised.
Over seven million Kenyans have benefited from the Huster Fund, and the President believes that the measure will expand that figure even further.
“We will also adjust other Government financial instruments to comply with the Islamic Law,” he added.
The Hustler Fund provides funding to individuals and organizations to pursue entrepreneurial enterprises.
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Ruto’s commitment to rebalance the Hustler Fund is most likely aimed at groups registered with the Micro and Small Enterprises Authority (MSEA) that apply for the facility.
The groups have received loans ranging from Ksh20,000 to Ksh1 million at an annual interest rate of 7%.
Interest rates are one of the most problematic problems in Shariah Law since they are widely considered exploitative.
While Riba (Interest) is considered illegal in the Muslim community, there is an exception for Murahaba, which is cost-plus financing.
In Murahaba, both parties agree on the pricing and markup of an item, which in some circumstances is calculated to be the value of inflation in order to reward lenders for the time value of their money while avoiding excessive profit.
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