Shariah-compliant Taqwa Sacco scales up operations after clinching deposit-taking license

Taqwa Sacco Chairman Dr Ahmed Yussuf (left) with Cabinet Secretary for Industry, Trade and Cooperatives Adan Mohamed during the launch of the Sacco’s Front Office Service Activity (FOSA) on Wednesday in Nairobi. Looking on is Principal Secretary of Cooperative Development Ali Noor Ismail and his Lands Counterpart Mariam El Maawy.

NAIROBI: The first Savings and Credit Cooperative (Sacco) based on Islamic interest-free principles is scaling up its operations after being licensed to take deposits and offer banking services.

The Shariah-compliant Sacco, with Sh400 million in deposits, joins 175 others licensed by the Sacco Societies Regulatory Authority (Sasra) to offer Front Office Service Activity (FOSA).