The Cooperatives & MSMEs Development Cabinet Secretary, Simon Chelugui, has commended Taqwa Sacco for its role in empowering its members financially and fostering solidarity.
Chelugui was speaking during the Sacco’s 25th anniversary celebration in South C, Nairobi.
He said that despite the Sacco’s humble beginnings as a Merry-go-round in the late 1990s, it has grown and now boasts of over 13,500 members.
Taqwa Sacco, established in 1998, was the first Shariah-compliant financial institution in Kenya, providing Halal credit and investment opportunities.
Chairman Sheikh Dr. Ahmed Yusuf reminisced the Sacco’s journey; from lending members Ksh6,000 to currently lending millions of shillings interest-free.
“We offer various products such as business loans, school fee loans, emergency loans, asset finance, and mortgage finance, enabling its members to become homeowners,” he said.
Dr. Yusuf added that that over the past 25 years, they have assisted numerous members with Halal credit financing for investments, emergencies and school fees.
With an asset base of Ksh1.5 billion and a loan portfolio of Ksh1 billion, Taqwa Sacco’s success is attributed to its adherence to Sharia law and provision of interest-free loans.
Chelugui assured of the government’s continued support through his Ministry to facilitate Taqwa’s growth and transformation of its members’ lives.
EALA MP Suleiman Shahbal praised the Sacco for upholding Islamic financial ethics and setting high standards. He expressed his satisfaction in seeing institutions implement Shariah-compliant rules, a cause he advocated for when the Gulf African Bank was established.
By Amos Kerich
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