Ethical Partnerships for Progress
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Crescent Takaful Sacco Society Limited (CTS) is the first fully fledged Shariah-Compliant Sacco in Kenya and the greater East Africa region. Crescent Takaful Sacco is registered by the Commissioner of Co-operatives, Department of Co-operative Development. Currently we have 3 branches, Nairobi (Head office) Wajir (Wajir town) and Wajir south sub-county (Habaswein town)
Our current membership is in excess of 8,000. We are committed in down streaming financial services and economically empowering our members
We have developed and deployed a digital platform (CTS Digital Sacco) that has enabled us to reach and serve nearly 10 ASAL Counties from Samburu, Isiolo, Wajir, Garissa, Marsabit, Mandera, Tana-River, Taita Taveta, Kwale, Kilifi, Lamu, and Mombasa
Our unique value proposition:
- CTS has painstaking developed an Inclusive and acceptable Shariah-Compliant Co-operative and micro-finance Framework
- We serve Muslims and Non-Muslims alike, with current Muslim Membership at 60%: 40% of Non-Muslims have been attracted by our Ethical Values.
- ASAL Focus: We are probably the only FI with a 100% focus on the ASAL Counties especially in Northern Kenya.
- Was created to tackle high poverty and illiteracy (23.8%) challenges in ASAL Counties; with high Gender Imbalance (22% Women against 59% Male Literacy); and high Youth Population of 82% (below 35 years).
- Truly committed to down-streaming Financial Services and economically empowering the ASAL communities: with great investment and leadership from the Sons of this region.
- Great understanding and appreciation of the local ASAL financial landscape challenges including lack of collaterals (99% Non-Titled Community Lands); and ASAL Risk.
- Has crafted local-solutions to ASAL challenges: and have been innovating unique financing techniques that are compatible to the Communities’ Ways Of Life and Faith
- Community Financing Systems: CTS has developed the ‘Hybrid Product Model’: leveraging both Cooperative and Microfinance principles to deliver Shariah-Compliant financial products in a simplistic manner to local communities
Market Growth
- CTS started in Nairobi in the year 2014 since then we have experienced tremendous growth of membership which currently stands at over 8,000. The Sacco has also registered more than 70 groups with an average membership of 10 members per group.
- CTS has also increased its presence by opening branches in Wajir and Habaswein in the Northern Kenya region. This has increased its market base as we are now able to reach a more unbankable population.
- The Sacco in response to the community needs to introduce products which are relevant to its operational areas like Ayuta group financing and Mifugo Kash Kash which has a positive impact to the community.
The Sacco has also been able to mobilize over kes 50 million in savings from the communities its operating with a significant growth of its borrowing members
Why Was CTS Created ?
Crescent Takaful Sacco was fashioned as a vehicle for down-streaming the Islamic financial services to the ordinary citizen: who were majorly ignored by the mainstream financial institutions; that chose the ‘cream the market’.
Hence there were significant under-banked, and unbanked Muslims populations that were completely ignored by the Islamic Banks.For example, the mainstream Islamic Banks overlooked Northern Kenya both in terms of branch presence; as well as provision of accessible financial products & services.
For example, despite having adequate capital resources that were deployed in a rapid national expansion (with multiple branches in key cities such as Nairobi & Mombasa), Gulf-African Bank had not opened a single branch in any of the expansive Northern Kenya Counties by the time of Crescent Takaful Sacco launch in 2013.
However, the motive for establishing Crescent Takaful Sacco was to create a Community-based Institution that would actively help in addressing the ‘High-Levels of Poverty & Illiteracy’ in Northern Kenya. The poverty challenges still persist in Northern Kenya to date; despite significant improvements brought about by devolved county governments.
Our Founders Vision
Crescent Takaful Sacco was established by Community Leaders majorly drawn from Northern Kenya Counties who saw the need to create an ‘Institutional Framework for Effective Community Empowerment’. These were the elite leaders of Corporate Business in Kenya: and were individually supporting various Charitable initiatives in Northern Kenya.
For example, most of the Crescent Takaful Sacco Founding Members were supporting between 20-50 children in various high schools and colleges across the country. However, they all felt that their bold personal initiatives were neither adequate,nor sustainable (given the greater need within the community); . They came together (about 12 leaders) and each contributed between Kes. 1-5 m to create Crescent Takaful Sacco as the first Shariah-Compliant Co-operative Society.
Crescent Takaful Sacco was mandated to expand & perpetuate the charitable activities of the Founders: while addressing the root-causes of prevalent poverty through ‘Community Economic Empowerment Initiatives’.
Creation of CTS as A Model Sacco
Therefore, Crescent Takaful Sacco was created as a Model Sacco that was founded on ‘Over-Arching Community Empowerment Principles’; Corporate Leadership; and competent Start-up Management. Additionally, Crescent Takaful Sacco was able to put in place adequate Institutional Infrastructure (a state of the art Banking Facility) at its Headquarters in Nairobi; as well as Bank-level Operational Systems.