While Kuza Asset Management is based in the Kenyan capital of Nairobi since it was launched in November 2023, the firm is already eyeing the larger potential of Africa and beyond, Fund Manager Ian Wangai shared with IFN Investor.
“For instance, we only have one Sukuk that’s been listed in Kenya. We are building partnerships now with overseas providers because we have seen potential for Sukuk in the North African region because that is where the majority of the local population is Islam-based.”
Looking further afield, Ian said another attractive opportunity lies in offerings to diaspora clients – who often remit overseas earnings to family members, but want the cash to continue growing as investments in African assets – within both the conventional and Shariah arenas.
Already operating for about 18 months, Kuza’s portfolio in May 2025 stands at around KES2.75 billion (US$21.28 million) in assets under management (AuM) across 12 product offerings – including five collective investment schemes (CIS).
Total AuM for the CIS is KES1.4 billion (US$10.86 million), where the sole Islamic offering of the Kuza Shariah Momentum Special Fund has a current net asset value of KES222 million (US$1.72 million), said Ian. The remainder of Kuza’s AuM is spread over its other services of investment advisories and pension management – all in the conventional space.
Within Kenya itself, Ian says there are several stumbling blocks that the local authorities and regulators are trying to address – plus the inherent investor ennui. “The majority of the investors still believe in direct investing as they’re still not yet well-versed with financial assets.”
This mindset is especially true of the affluent population, who are risk averse and especially wary due to past fraudulent schemes. “Many are surprised to learn about alternative options like Shariah compliant funds, and that reaction alone tells us a lot. Especially in Muslim communities, the concept of investing in regulated Shariah compliant financial products is still new.”
Since the firm began operations, Ian said the bulk of its clientele – amounting to over 7,000 – came from the retail segment. The Shariah fund was launched in April 2024 in response to demand “not only those of Islamic faith, but also people who have the same values in terms of the investing”.
While the Shariah investment value total is still dwarfed by conventional fund offerings, Ian said the digital outreach that became more prominent during the pandemic has helped the average Kenyan to better appreciate the value of various investment opportunities.
Investment Analyst Evan Bari noted that interest in Shariah opportunities had picked up in recent times and expressed confidence that the market is poised to be better tapped once local internet connectivity improves – especially outside urban areas.
