Abstract:
The paper aims to examine the products of mobile money banking services in Kenya using M-pesa
(mobile cash money). This study is based on qualitative research methodology which was used to
ensure the objectives were answered progressively. The primary data were collected from the
interview process together with the analysis of the related documents. Products such as Okoa
Jahazi, Betting, Money transfer and M-Shwari were designed on usury (Riba), uncertainty
(Gharar), and duplicate payment to mention but few. The above-mentioned products are not based
on equity and not comply with Islamic values and principles. Therefore, the viable alternative
model of Islamic finance would be useful to all stakeholders and clients mitigating the issue.
