A Jamiyya (Arabic term: جمعيه), is a centuries-old collaborative savings system referred to in English as a savings club, money pool or ٌRotating Savings and Credit Association (ROSCA).
A single Jamiyya consists of a close network of family, friends, neighbors or coworkers each paying money into a collective money "pool" or "pot". Jamiyya members then take turns receiving “payouts” from this larger sum of money, that results from their individual contributions being combined, over a period of weeks or months.
An individual Jamiyya member only ever pays in as much as they receive as a payout. In this way, the system is 100% interest-free and allows individuals to access a large sum of money earlier than they otherwise would have been able to.
Lateef is a platform that helps people anywhere in the world quickly and easily organize or join a Jamiyya using their network of family, friends, neighbors or coworkers. Lateef takes the busy work off of a Jamiyya organizer’s shoulders by helping them manage who joins their Jamiyya, scheduling and sharing payout order more easily, reminding all Jamiyya members of an upcoming payment/payout, while serving as a reliable electronic “ledger” or record of the cash payments/payouts exchanged between members. Best of all, Lateef is free to use and does not require a bank account or any sort of contract signing.
People have used pen and paper or some other non-electronic method for organizing and managing their Jamiyya for quite some time. Although this seemingly simple approach works, it is not without its disadvantages. Getting your target family, friends, neighbors or coworkers on the same page as far as when a Jamiyya will begin, the payment/payout amount they are willing to commit to, how payout order will be determined as well as maintaining an accurate real-time record of money exchanged between members are all aspects of the Jamiyya process that come with their own pain points. Lateef helps to alleviate these pain points using a modern digital approach.
Lateef is free to use and does not require a bank account or any sort of contract signing. We believe in our users and their freedom to exchange money with one another independently. Lateef is not backed by any bank or financial institution and is therefore not controlled by a particular country’s formal banking system. Jamiyya users with internet access anywhere in the world can use Lateef for their next Jamiyya within a few minutes. Simply create a new account and get started! Other fintech startups seek to funnel traditional Jamiyya users into the modern banking ecosystem. Lateef’s founders are committed to developing and scaling a 100% interest free digital Jamiyya platform that builds upon the strengths of a centuries old approach to lending, without compromising on the values that make such a system so powerful. Aligning with this commitment, we do not accept a single penny of interest-based investment (including venture capital) in our startup. We believe in benefiting only when our users benefit and in leading by example. If you appreciate our values, we are grateful for your patronage and support.
Cash or other user preferred method.
Given that the vast majority of real-world Jamiyya users exchange cash with each other through the “organizer” of their Jamiyya, Lateef’s approach is to support and strengthen this practice by providing an electronic “ledger” or recordkeeping tool for users to record their money exchanges. Lateef accomplishes this by requiring users to verify all of their real-world money exchanges with one another, whether those money exchanges come in the form of cash or some other user preferred electronic payment method. Verified transactions, between Jamiyya organizer and Jamiyya members, can be accessed and reviewed confidentially by an appropriate Jamiyya member at any time. This approach provides maximum flexibility across a wide range of Jamiyya users, some of whom may prefer to exchange money using a third party payment service, while being inclusive of those who are unbanked or prefer cash-only exchanging of money in their Jamiyya.
Recurring Jamiyya payments should be made directly to the organizer of your Jamiyya using cash or other user preferred methods. The organizer of your Jamiyya is responsible for verifying your payments as received within the Lateef app.
After a Jamiyya organizer receives and verifies payments from other Jamiyya members, the organizer will provide you with your payout using cash or other user preferred methods. This payout should be verified as paid by the organizer within the Lateef app.
No.
Only the organizer of a Jamiyya can view the verified payment history of other Jamiyya members. Individual Jamiyya members (who are not the organizer) can only view their own payment history.
We are currently exploring several different business models. However, any approach we may use to generate revenue must align with our values. This means a 100% interest free revenue stream as well as pursuing our Vision of “Maximize the economic benefit people across the globe obtain from Jamiyyas”.
No.
Lateef places user privacy at the forefront of everything we do. Your Jamiyya payments and payouts are never intentionally shared with any third parties without your express given consent.