New Style of Hagbad

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Somalis have come up a new way of getting together and saving money but this new style of hagbad is oriented towards starting businesses. It works this way: About 10 Somalis or more will come together and each one of them will contribute at least 1000 USD per month. For those who can afford it, it is 2000 USD. Every 5 months someone will get $50K and will start a business. Some groups, it is $100K for those with bigger payments. That person will be paying into that "fund" until he fully pays off those $50K or whatever that he has gotten originally. It is basically like a getting a loan but you're not paying any interest.

It is different from Hagbad because it is not like someone is getting it every month; it can only be distributed once in every 5 months. It is legally binding, so once you get into it and get the money, it is not like you can run away and stop paying into it as it happened several times. This one is legally binding and enforceable through the courts.

Apparently, Somali cadcads (light-skinned folks from Mogadishu, Merca Caddey, and Beraawe) came up this scheme and have been using it as means for people to start businesses. Somali Lamagoodle have started lately and it is picking up speed. It seems it is not only used for businesses, but also for buying homes, paying legal services, etc.

I am actually looking for one to join and hoping to be part of the first three hands that collect it. You know pay every month $1000 USD, within a year or two collect $50K and keep paying that $1000 USD until you finish it off. However, you can choose to never stop but always join another one once you finish paying it off the first one. You can even join 2 of them if you can afford it, collect 100K USD within few years and keep paying it off until you finish it. No interest, no penalties. Just either save the money or invest it wisely.
 

Freebandz

MONEY TEAM
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There is one problem with this if you pay 1000 dollars a month for a whole year it means you payed 12000 by the end of the year multiply that by the 10 people (including yourself) the profit should be 120000 not 50000:francis:So where does the extra 70000 go to if your getting payed 50000?:hmm:
 
There is one problem with this if you pay 1000 dollars a month for a whole year it means you payed 12000 by the end of the year multiply that by the 10 people (including yourself) the profit should be 120000 not 50000:francis:So where does the extra 70000 go to if your getting payed 50000?:hmm:
Bandit, you will eventually collect what you put in, it is just that the fund is distributed every few months, starting $50K or more depending upon the number of people who are participating it. Some of them are even distributing it $100K USD every few months depending upon the number of people and payment everyone is putting it. Try to inquiry the people in your area and they will tell you more about it. Remember all of this is planned and allocated when enough members are gathered who are committing the money. No interest, no penalty. It is legally binding and enforceable. And the way it is heading, we will be banks to each other when it comes to investments.
 
The jahuuud community especially in Ameerika been using this system for generations , it's time we copied them
Soomaalidu waxaay noqotay jahuuda Africa walee :ummhmsmiley:
 

Liibaan

And seek help in patience and prayers
Sounds good. Gacmo wada jir bay wax ku gooyaan.

The only challenge is finding the like minded people and making sure everyone pays on time.
 

Bielsa

Free Wi-Fi > Free Palestine
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It's a good way of saving/borrowing and starting up businesses. It's interest free loan. It's an excellent way for a community to help each other out. I support this.
 

Liibaan

And seek help in patience and prayers
Sounds like a good idea.
Gacmo wadajir bay,
Wax ku gooyaan.

Finding like-minded people and making sure everyone pays up can be a little a challenge. But like you said, there are successful cases out there.

I know a lot of Somalis put together funds to open up small businesses. Each month they share the profits based on the percentage that each member invested in the business.

 
There are and always will be few saqajameen but most Somalis are very honest when it comes to these issues unlike other people , that is why we survived 20 something years of lawlessness with no institutions , banks or government to enforce and regulate
 
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