Last updated: 5 Sept. 2024
In order to join a money circle, you must:
Public Circle Application Confirmation
Your application to join a money circle will only be processed after agreeing to the terms and conditions, privacy policy and successful payment of the admission fee.
Approval of Circle Membership Applications
Applications to join circles undergo a comprehensive evaluation process conducted by Zumr, which combines the data users have personally provided and the data they have authorized Zumr to retrieve from other approved sources. Zumr reserves the right to reject any membership request based on the result of the assessment. If Zumr determines that a membership cannot be approved for any reason, a full refund of the admission fee paid by the user will be issued.
Monthly Contribution Collection
Zumr collects member contributions via recurring payments, offering a convenient and secure transaction method. Upon joining a money circle, members are required to authorize Zumr to pull their monthly contributions from their bank account. Payments must originate from an account in the member's name, and payments from third-party accounts are not accepted. The registered card used to join Zumr has to be valid for at least the first 3 months of the circle duration.
Late Payment Policy and Fees Associated
The member commits to donating 1% as a fixed rate of the overdue installment for each day of delay if they fail to make payments on time. It is important to note that these donated amounts will not go to Zumr, but will be directed towards charitable purposes under the supervision of the Sharia committee. Therefore, the client acknowledges that they have agreed to commit to donating the overdue amounts in case of delayed payment, and that they are obligated to pay them to Zumr for charitable purposes under the supervision of the Sharia committee. In the event of repeated delays, in addition to the imposed penalty, the circle membership may be revoked.
Receiving Payout
The member commits to donate 1% of the overdue installment for each day of delay if payments are not made on time. These donations will not go to Zumr but will be directed to charitable purposes under the Sharia committee's supervision. The client acknowledges this commitment and understands that overdue amounts will be donated for charity, with Zumr overseeing the process. In addition to this penalty, Zumr reserves the right to revoke the circle membership.
Non Payment after Receiving Payout
Zumr reserves the right to pursue legal action for recovery and report members to the concerned authorities if they fail to pay their monthly contribution for more than 10 days without prior approval from Zumr. Members agree to bear all costs associated and may be banned from using Zumr services in the future.
Private Money Circles Conflicts
Zumr provides members with the tools necessary to run a private money circle and assists with the collection and disbursement of funds to the members at the agreed schedule. However, it is the sole responsibility of the circle administrator (i.e., the member who created the circle) to ensure payments are made by all members and to resolve any non-cooperative actions and conflicts arising between members, including issues with non-payments of members after receiving their payouts.
Zumr strongly recommends that you only join a private money circle if you trust all other members in the circle. As a result, members of private circles are able to see the names of the other members within the same circle.
Termination
Zumr may terminate or suspend a member's account at any time for a violation of these Terms or for any other reason. Members may deactivate their account by contacting Zumr's support team.
Prohibited Activities
Members must not engage in any activities that are illegal, fraudulent, or violate the rights of others while using Zumr's platform and services. Prohibited activities include, but are not limited to, money laundering, terrorism financing, unauthorized access to Zumr's systems, and any activity that could harm Zumr's reputation. Members are encouraged to report any unauthorized transaction, security concern, and beliefs of breaches to this agreement immediately through the available support channels.
Amendments
Zumr reserves the right to modify or update these Terms at any time without prior notice. Members are responsible for regularly reviewing the Terms for any changes.
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