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The Mansa-X Shariah Special Fund is having a strong year. As at 30 September 2026, the KES fund had returned 10.01% net over nine months (an annualised 13.56%), while the USD fund returned 6.89% net (an annualised 9.02%). For Kenyans who want their money to grow in line with Islamic principles, that is a genuinely competitive result. This honest review of the Mansa-X Shariah Special Fund covers the returns in both currencies, how it stays Shariah-compliant, the fees and minimums, and the risks to weigh before you invest.
Mansa-X Shariah is the Shariah-compliant version of SIB’s well-known Mansa-X multi-asset strategy, run by SIB Najah, the Islamic banking arm of Standard Investment Bank. It aims to deliver the same kind of global, multi-asset returns while avoiding anything that breaches Islamic finance rules.
What is the Mansa-X Shariah Special Fund?
The Mansa-X Shariah Special Fund is a multi-asset strategy fund, regulated and domiciled in Kenya, that invests in Shariah-compliant assets across global markets. It is a product of SIB Najah, the Islamic investment banking division of Standard Investment Bank. In plain terms, it spreads your money across a mix of permissible global investments and is actively managed to grow your wealth, but every holding and strategy is screened to meet Shariah standards. It sits in the same “special fund” category as the conventional Mansa-X Special Fund, which you can compare alongside it.
Mansa-X Shariah performance in 2026 (KES and USD)
Here are the Mansa-X Shariah Special Fund net returns as at 30 September 2026, in both the shilling and dollar versions:
| Mansa-X Shariah Special Fund | Q3 2026 (net) | 9 months 2026 (net) | Annualised (net) |
|---|---|---|---|
| KES fund | 3.07% | 10.01% | 13.56% |
| USD fund | 1.56% | 6.89% | 9.02% |
Two honest points on reading these numbers. First, the 9-month figure is the actual return earned so far this year, while the annualised figure simply projects that pace over a full 12 months; it is a useful comparison tool, not a promise. Second, the KES fund has outpaced the USD fund in 2026, which is common because shilling-denominated assets tend to carry higher nominal returns than dollar ones. A dollar return of 6.89% over nine months is still strong for a hard-currency fund, and it protects you against shilling weakness. For context on how this sits against peers, see our best special funds in Kenya guide and the best performing special funds leaderboard.
How the fund stays Shariah-compliant
This is what sets the Mansa-X Shariah Special Fund apart from an ordinary fund. It follows the principles of Islamic finance, which means it avoids three things in particular: riba (interest), gharar (excessive uncertainty or speculation), and any business activity considered impermissible, such as alcohol, gambling and conventional interest-based finance. Instead, it channels money into real economic activity, responsible trade, and arrangements that share risk and reward fairly between investor and enterprise.
In practice, that means the fund’s holdings are screened and overseen so that a Muslim investor can grow their wealth without compromising their faith. The attraction is that you no longer have to choose between staying true to your values and earning a competitive, global return; the Mansa-X Shariah Special Fund is built to do both. If you are weighing whether other products meet the same standard, this fund is one of the clearer Shariah-compliant options available to retail investors in Kenya.
Minimums, fees and lock-in
Before you invest, know the practical terms:
- Minimum investment: KSh 250,000 or USD 2,500, with top-ups from KSh 100,000 or USD 1,000.
- Lock-in: a six-month initial lock-in period, after which withdrawals are processed in about 48 to 72 hours.
- Entry and exit fees: none; there are no initial or redemption charges.
- Management fee: a 5% per year financial services fee, charged proportionally each day.
- Performance fee: 10% on returns above the applicable hurdle rate.
One honest note on fees: a 5% annual fee is meaningful, so the net returns quoted above already have it deducted, which is the number that matters to you. The performance fee only bites when the fund does well above its hurdle, which aligns the manager’s interest with yours, but it does take a slice of strong years.
A worked example
Say you invested the KSh 250,000 minimum in the Mansa-X Shariah Special Fund KES at the start of 2026. A 10.01% net return over the nine months to 30 September would have grown it by about KSh 25,000, to roughly KSh 275,000, after fees. In the USD fund, USD 2,500 growing 6.89% net would have added about USD 172, to roughly USD 2,672. Remember these are results for a specific nine-month window; future periods will differ, up or down.
Honest pros and cons
The upsides
- Genuinely Shariah-compliant investing without sacrificing competitive returns.
- Strong 2026 performance: 10.01% net in nine months (KES) and 6.89% (USD).
- Choice of currency, so you can hold in shillings or dollars as a hedge.
- No entry or exit fees, and run by an established, market-leading manager.
The downsides
- High entry point: KSh 250,000 or USD 2,500 is out of reach for many beginners.
- Your money is locked for six months, so it is not for emergency cash.
- A 5% annual fee plus a performance fee is on the higher side.
- Returns are not guaranteed; a multi-asset fund can fall as well as rise, and past performance does not predict the future.
How to invest
To invest in the Mansa-X Shariah Special Fund, you open an account with SIB Najah (Standard Investment Bank’s Islamic banking arm), complete the onboarding and Know Your Customer steps, and fund your account with at least the KSh 250,000 or USD 2,500 minimum. The process mirrors investing in the conventional fund, which we cover step by step in our guide on how to invest in Mansa-X. Confirm the current minimums, fees and Shariah documentation directly with SIB before you commit.
Frequently asked questions
What return does the Mansa-X Shariah Special Fund pay?
As at 30 September 2026, the KES fund returned 10.01% net over nine months (13.56% annualised) and the USD fund 6.89% net (9.02% annualised). These are net of fees, and past performance does not guarantee future returns.
Is the Mansa-X Shariah Special Fund really Shariah-compliant?
Yes. It is run by SIB Najah, SIB’s Islamic banking division, and screens out interest (riba), excessive uncertainty (gharar) and impermissible sectors such as alcohol and gambling, investing instead in permissible, real economic activity. Confirm the Shariah governance details with SIB.
What is the minimum to invest?
KSh 250,000 or USD 2,500 to start, with top-ups from KSh 100,000 or USD 1,000. There is a six-month lock-in, and no entry or exit fees, though a 5% annual fee and a 10% performance fee apply.
KES or USD: which should I choose?
The KES fund has delivered higher nominal returns in 2026, but the USD fund protects you against shilling weakness and suits anyone saving in or towards dollars. Many investors split between the two. Match the choice to your goals and currency needs.
Muslim investors should also read our guide on whether money market funds are halal in Kenya and the Shariah-compliant alternatives available.
Looking for the safer, cash-like option? See our guide to Shariah-compliant money market funds in Kenya, led by the Ziidi Shariah fund.
Disclaimer: The content on Sarafu is for educational and informational purposes only. It does not constitute financial, investment, or religious advice. Returns, fees and figures were sourced at the time of writing (performance as at 30 September 2026) and can change. Past performance is not a promise of future results, and all investments carry risk. Always verify current figures and Shariah documentation directly with Standard Investment Bank, and consider consulting a licensed financial advisor before investing.
