Many people when they have a certain income worry about having a proper amount of savings in their bank accounts.
Saving is known to be one of the best steps toward a healthy financial status and there are many ways to go about it.
One example is Circlys, an official Saudi closed joint-stock company, headquartered in Riyadh and specializing in financial technology.
It is a certified cooperative saving application provided for customers in Saudi Arabia under the supervision of the Saudi Central Bank, the Ministry of Commerce and the Ministry of Investment.
Eligible members must have accounts documented through the national information center “Nafath,” have a fixed income and a Saudi bank account. Every subscriber must sign a claim in case of defaulting and to guarantee their rights.
Circlys offers different saving opportunities throughout the year with durations varying between six and 12 months. Monthly shares start at SR500. Subscribers can choose the month they would like to receive the sum they register to get, and payments from each subscriber are deducted based on their salary period. Amounts will be received within three days after the salary receiving date.
The idea of the saving platform is inspired by a common saving concept in the Arab region called “Jamea’a,” where a group of three or more individuals agrees on saving the same amount of money in turns, provided that each individual pays the agreed-upon amount in the specified time. It is not permissible to breach the deadline or evade payment.
With a 4.7 rating by users, the savings platform has more than 180,000 beneficiaries and 10,000 saving circles. The phone app is available in English and Arabic on Android and iOS. For more information, visit circlys.com
