Frequently asked questions

A Shari'ah-compliant fund operates strictly in accordance with Islamic law. This means:

• No interest (riba) is earned or paid at any stage of the investment.
• No investment in prohibited (haram) industries such as alcohol, tobacco, conventional banking, pork, gambling, or weapons.
• All transactions must be backed by real, tangible assets or services, strictly avoiding speculative (gharar) contracts.
• The funds are governed by an independent Shari'ah Supervisory Board that reviews and certifies all instruments and processes.

Each fund is overseen by an independent Shari'ah Supervisory Board (SSB) comprising qualified Islamic finance scholars.

The SSB performs the following key functions:

• Reviews and approves all investment instruments before inclusion in any fund.
• Issues a Shari'ah compliance certificate (Fatwa) for each fund.
• Conducts periodic audits to ensure ongoing compliance with Islamic principles.
• Reviews any non-compliant income and directs it to charity (purification/tazkiyah).

No. While these funds are structured to meet Islamic finance principles, any investor, regardless of faith, can invest. Many non-Muslim investors choose Shari'ah-compliant funds because of their ethical focus, social responsibility, and asset-backed nature, which promote financial transparency and shared economic growth.

Our Shari'ah funds primarily utilize the following approved structures to replace interest-based financial mechanisms:

• Murabaha: Cost-plus financing for asset purchases (e.g., commodity or trade receivables).
• Sukuk: Islamic investment certificates (bonds) backed by tangible assets, yielding profit shares instead of interest.
• Wakala: An agency-based investment structure where GCIB acts as an investment agent (wakeel) on behalf of investors.
• Mudarabah: A profit-sharing arrangement between investors (rabb al-maal) providing capital, and the fund manager (mudarib) providing expertise.

Instead of charging or paying interest, returns are derived from real, productive economic activities, including:

• Trade profit margins generated from Murabaha transactions.
• Profit distributions received from Sukuk holdings.
• Rental income earned from Ijarah (leasing) assets.
• Wakala returns from structured placements with Islamic financial institutions.

All returns are profit-based, not interest-based, and are reviewed and certified as halal by our Shari'ah Supervisory Board.

In rare cases, a small portion of a fund's income may be flagged as non-permissible (for instance, if an underlying bank holding has mixed conventional and Islamic operations). Such income is separated from investor returns and donated entirely to approved charities through a strict purification process (tazkiyah) overseen by the SSB. This ensures investor yields remain 100% halal.

The GCIB Shari'ah Fixed Income Fund invests primarily in fixed-income equivalent instruments permitted under Islamic law. These include:

• Government and corporate Sukuk (Islamic investment certificates).
• Shari'ah-approved placements with Islamic banks under Murabaha or Wakala structures.
• Short-to-medium term trade finance instruments.

This fund is designed for conservative investors seeking relatively stable, predictable halal returns over a medium-term investment horizon.

The GCIB Shari'ah Multi-Asset Fund is a diversified investment fund that allocates capital across multiple asset classes permitted under Islamic finance, including:

• Sukuk (Islamic fixed income).
• Shari'ah-screened equities listed on the Nairobi Securities Exchange (NSE) and other approved global exchanges.
• Shari'ah-approved Real Estate Investment Trusts (REITs).
• Shari'ah-compliant money market placements.

It is suited for growth-oriented investors seeking diversified returns who are comfortable with moderate investment risk over a medium-to-long term horizon.

Here is a summary of the differences between the two funds to help you choose the right investment:

• Shari'ah Fixed Income Fund:
  • Minimum initial investment: KES 1,000
  • Minimum subsequent top-up: KES 1,000
• Shari'ah Multi-Asset Fund:
  • Minimum initial investment: KES 200,000
  • Minimum subsequent top-up: KES 50,000

You can begin your investment journey through any of the following channels:

• Self-Onboarding Portal: Visit our online portal to register, upload your KYC documents, and invest instantly.
• Manual Application: Download the application form from our website, fill it out, and submit it physically or via email.
• Walk-in: Visit our Shari'ah Division offices at Merchant Square, Riverside Drive, Nairobi.
• Email: Write to our team at clientservices@gcib.africa for personalized onboarding support.

To comply with CMA Kenya and KYC regulations, you will need to provide:

For Individuals:

• Copy of National ID or Passport.
• KRA PIN Certificate.
• Proof of bank account details (for redemption and withdrawal remittances).
• A recent passport-sized photograph.

For Corporate Investors:

• Certificate of Incorporation.
• CR12 Form.
• Board Resolution authorizing the investment.
• Copy of IDs and PIN Certificates of the company directors.

Yes. You may top up your account at any time, subject to the minimum top-up amounts:

• Shari'ah Fixed Income Fund: KES 1,000 minimum per top-up.
• Shari'ah Multi-Asset Fund: KES 50,000 minimum per top-up.

Top-ups can be done easily via the client online portal or by bank transfer/mobile money through our client services team.

Yes. You can open a custodial investment account on behalf of a minor (under 18 years). The parent or legal guardian will act as the account custodian. You will need to provide the child's birth certificate/notification in addition to the standard guardian KYC documents.

Returns are generated exclusively from halal profit-sharing, trade margins, and asset-backed rental income, never from interest. The specific revenue stream depends on the underlying instruments held in the fund (such as Sukuk profit payouts, Murabaha commodity trade margins, or Wakala placement profit-rates with Islamic banking partners).

No. In accordance with both Shari'ah and Collective Investment Schemes regulatory rules, returns from unit trust funds are not guaranteed. Fund performance is subject to market conditions and the performance of the underlying assets. Rates can go up or down. Past performance is not a guarantee of future performance. Returns are declared periodically based on the fund's actual net earnings.

Returns are accumulated daily and credited directly to your fund account. You can choose to:

• Reinvest automatically: Capitalize your returns to compound your investment.
• Payout periodically: Receive profit distributions directly to your bank account (subject to the specific fund terms).

You can set up or update your preference during onboarding, via the client portal, or by contacting your relationship manager.

Our management fee is 2% per annum on Assets Under Management (AUM). This fee is calculated daily, deducted from the fund's returns before distribution, and is already factored into the net return rates published. There are no entry, exit, or hidden fees. All charges are fully disclosed in the fund's Information Memorandum and Scheme Particulars.

Yes. In Kenya, investment returns from unit trust funds are subject to Withholding Tax (WHT) at a flat rate of 15% for residents. This tax is deducted at source by GCIB and remitted directly to the Kenya Revenue Authority (KRA) on your behalf. The yields published on our website are typically gross; the net payout reflects the amount after WHT.

You can request a withdrawal or redemption at any time by:

• Submitting a withdrawal request on our client online portal.
• Sending a completed redemption form via email to clientservices@gcib.africa.
• Visiting our offices in person to submit a physical request.

Funds are typically processed and credited to your registered bank account within **2 business days** of request approval.

Yes. Partial withdrawals are allowed as long as they do not reduce your remaining account balance below the minimum requirements:

• Shari'ah Fixed Income Fund: A minimum balance of KES 1,000 must be maintained.
• Shari'ah Multi-Asset Fund: A minimum balance of KES 200,000 must be maintained.

If you wish to withdraw your entire investment, you may request a **full redemption**, which will close your account.

Please refer to the fund's Information Memorandum and Scheme Particulars for specific exit fee terms. For updated details, contact clientservices@gcib.africa or visit our client portal.

Yes. Both funds are fully licensed and regulated by the Capital Markets Authority (CMA) of Kenya under the Capital Markets (Collective Investment Schemes) Regulations, 2001. This ensures that investor assets are protected, fund operations are audited, and the investment managers comply with strict regulatory guidelines.

Yes. In line with CMA requirements, your funds are held separately from GCIB's corporate assets by an independent, licensed Custodian Bank, and overseen by a Trustee. This means that even in the unlikely event of GCIB experiencing financial or operational difficulties, your investment remains ring-fenced, safe, and completely protected.

Note: Capital markets investments carry inherent market risks. While our fund mandates are designed to manage and minimize risk, capital is not guaranteed against market losses.

You can track and monitor your investment through:

• The GCIB Client online portal, where you can view balances, download statements, view transaction history, and check fund performance.
• Periodic account statements sent directly to your registered email.
• Direct communication with your dedicated GCIB relationship manager.

Yes. GCIB's Shari'ah funds are dual-compliant:

• CMA Kenya: Strictly complies with local regulatory and investment framework requirements.
• AAOIFI & IFSB Standards: Incorporates international Shari'ah governance, disclosure, and auditing guidelines.

Compliance is verified by the independent Shari'ah Supervisory Board at inception and monitored continuously.

GCIB applies a rigorous two-level screening process to all potential assets before inclusion in the funds:

• Business (Qualitative) Screening: Excludes companies engaged in activities prohibited in Islam (e.g. interest-based banking, alcohol, pork, tobacco, weapons, etc.).
• Financial (Quantitative) Screening: Examines key ratios to ensure that debt levels, interest-bearing assets, and non-permissible revenues fall below strict Shari'ah limits (e.g. debt-to-equity and interest-income thresholds).

All investment instruments must receive formal sign-off from the Shari'ah Supervisory Board before being added to any fund.

The following sectors and instruments are strictly excluded and will not form part of any GCIB Shari'ah fund:

• Conventional banking, finance, and riba-based insurance.
• Alcohol production, sales, or distribution.
• Tobacco products.
• Gambling, casinos, and related gaming products.
• Pork and non-halal meat production or trading.
• Weapons, defense, and offensive armaments.
• Adult entertainment.
• Highly speculative instruments (gharar) like conventional derivatives.

If an asset subsequently fails its business or financial screening (for instance, if its debt ratio increases above permitted levels), the fund manager is mandated by the SSB to divest from that asset within a reasonable timeframe (typically 30–90 days). Any non-permissible income earned during that transition is purified and donated to charity.

Our dedicated team is ready to assist you. You can reach out through:

• Email: clientservices@gcib.africa
• Online Portal: portal.gcib.africa
• Physical Office: Merchant Square, Riverside Drive, Nairobi, Kenya.

For Shari'ah-specific questions, you can request to speak directly with our Shari'ah Division team through any of the above channels.

All official fund documentation is available on our client portal and can also be requested by email, including:

• Fund Information Memorandum (IM)
• Scheme Particulars
• Shari'ah Compliance Certificate (Fatwa)
• Application and Redemption Forms

Visit our online portal or contact clientservices@gcib.africa for instant access.