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.
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.