- Pamoja Canada Diaspora Sacco launched Sharia compliant Emergency, Education and Asset Finance loans for Kenyans in Canada.
- The products aim to give Muslim members faith compliant access to savings, investment and financing while promoting financial inclusion.
- Kenya’s Acting High Commissioner to Canada welcomed the initiative, saying it will strengthen savings, wealth creation and diaspora investment.
Canada-based Pamoja Diaspora Sacco has announced new Sharia-compliant loan products for Kenyans living and working in Canada, unveiled during the Salama Community Association’s Annual Summer Barbeque in Toronto on August 4.
The newly introduced Sharia-compliant products include Emergency, Education and Asset Finance Loans.
The roll out was led by Pamoja Canada Diaspora Sacco Chairman, Ephraim Mwaura, and Kenyan Canadian Association President. According to Mwaura, the initiative is aimed at helping members of the Muslim Community in various financial ways.
“Through the 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,” said Mwaura.
He also commended on worldwide access of Diaspora Sacco products for Kenyan members.
“The need for inclusive and ethical financial services extends beyond Canada. We respectfully urge the State Department of Cooperatives to consider allowing these services to reach all Kenyans in the diaspora regardless of where they are located across the world,” Mwaura said.
Mwaura added that inclusivity had been embedded in Pamoja Sacco’s operations from the beginning.
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The Acting Kenya High Commissioner to Canada, H.E. ambler. Geoffrey Kaituko, shared his remarks with the community through Salama Community Association Chairman, Mr Osman Shariff.
Ambassador Kaituko congratulated the Kenyan Diaspora on the launch, describing the products as an inclusive investment opportunity to advance financial empowerment, savings and wealth creation.
“The introduction of Sharia-compliant financial products provides an inclusive investment opportunity for members of our community while promoting financial empowerment, savings and wealth creation,” the Acting High Commissioner stated.
He also commended the Salama Community Association for strengthening unity, support, peace and social cohesion while preserving Kenyan cultural heritage in Canada.
Kaituko reaffirmed the Kenya High Commission’s commitment to strengthening collaboration with Kenyans and diaspora organisations across Canada, and recognised the diaspora’s significant contribution to Kenya and their communities through professional excellence, investments, remittances, philanthropy, skills transfer, mentorship and various community development initiatives.
The event was graced by Canadian political and community leaders, including Cllr. Shaheen Butt, Ward 3 Councillor for the City of Pickering, and Hon. Mohamed Firin, Member of Provincial Parliament for York South Weston.
Pamoja Canada Diaspora Sacco was launched in June 2024, becoming the first Kenyan diaspora Sacco to offer Sharia-compliant products serving Kenyans in Canada and returnees in Kenya. It currently has approximately 10 per cent of its membership coming from the Muslim Community in Canada.
By Bernard Magada
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