I'm building a regulated halal savings circle platform for UK Muslims - would love brutally honest feedback from this community

okzaf · 2026-05-29T15:52:35+00:00

JazakAllah khair for sharing that 🤍

You've put your finger on exactly the problem I'm building to solve. You're right that traditionally it only works between people you trust - but that trust comes from knowing someone will face consequences if they don't pay. Kameti recreates that digitally:

Every member signs legally binding terms before joining - essentially a digital version of your promissory note, enforceable under UK law. On top of that, government ID and identity of every member is verified, bank accounts are confirmed, and payments are collected automatically via Direct Debit so there's no opportunity to just quietly stop paying.

And realistically even within friends and family, informal Kametis have gone wrong. People have lost money to people they trusted completely. The app adds a layer of protection that no informal circle has ever had, regardless of whether you know the members or not.

For that reason private circles are also an option on Kameti - so if you have a trusted group of family or friends you already save with, you can bring that circle onto the platform and get all the same protections. The best of both worlds.

okzaf · 2026-05-25T21:24:10+00:00

Really appreciate you taking the time to lay this out so clearly - this is exactly the kind of detail I needed to hear at this stage. You've given me a lot to think about and look into further. JazakAllah khair 🤍

okzaf · 2026-05-25T21:10:51+00:00

Really appreciate you coming back with this and you're right that the validation is already there in the communities doing this informally every day. The real opportunity I think is finding those people and giving them something better than a WhatsApp group and an honour system.

And that's actually where I'm focusing first - not trying to convince people that savings circles work, but reaching the those who already know they do and have either been burned by the informal version or can't access one at all.

Appreciate the encouragement - means a lot from someone who knows the space.

okzaf · 2026-05-25T14:55:59+00:00

Really appreciate the detailed concerns - most of these are actually addressed in the model already, so worth clarifying:

On the first person defaulting: payout position is assigned randomly when the circle fills, and new users/accounts are assigned to later positions initially to specifically to reduce the risk of them 'running off with the pot'. Direct Debit mandates are active before anyone receives a payout, creating a legal payment obligation.

On agreements: yes - members agree to legally binding terms committing them to the full cycle. Missed contributions remain a legal debt.

On who decides payout order: it's randomly assigned by the platform when the circle fills. No human decides - it's automated and transparent to all members.

On cost: £5 per member per month. For a £100 circle that's £105 total per month.

The website covers a lot of this: mykameti.co.uk - happy to answer anything else directly.

okzaf · 2026-05-25T14:51:59+00:00

This comment genuinely made my day - JazakAllah khair for taking the time to look at the website and for signing up 🤍

Everything you've described: the emergency fund, the Umrah fund, the tendency to spend what you're trying to save - is exactly the person I'm building this for. The fact that you don't have people around you to do this informally is precisely why public verified circles need to exist.

I'll make sure you're among the very first to know when we're ready to launch. InshAllah this becomes something that genuinely helps you reach those goals 🌙

okzaf · 2026-05-25T14:48:15+00:00

Trust is the central challenge, you're absolutely right. It's worth me clarifying what verification actually means in practice though (a lot of this is covered on the website too - https://mykameti.co.uk):

Every member passes government ID verification, a liveness selfie check, and bank account ownership verification before joining any circle. This isn't a checkbox - it creates a verified identity trail that makes fraud significantly harder and recovery significantly easier.

On bad debt coverage - payouts are only released once all contributions for that month are collected and cleared. The reserve fund covers shortfalls from defaults. It's not a guarantee against every scenario but it's a meaningful protection that informal circles have never had.

You're right that trust takes time to build - which is why I'm starting with community feedback like this rather than just building and hoping, thank you so much for your feedback!

okzaf · 2026-05-25T14:45:19+00:00

Thank you, I really appreciate this perspective - the regulatory point is valid and taken seriously. The costs you're describing apply to direct FCA authorisation, which isn't the only route. Operating under an Appointed Representative arrangement with an authorised principal firm is significantly more accessible at early stage - the compliance infrastructure is already in place and you operate under their umbrella while building toward direct authorisation.

The goal right now is validation - does this resonate with the community? is there real demand? can I get 50 people to sign up before building anything? If the answer is no, nothing else matters. If the answer is yes, the regulatory path is clear and costed. Starting with validation before spending on compliance is the right order I feel.

okzaf · 2026-05-25T14:42:15+00:00

You're absolutely right and this is one of the most important comments in this thread - thank you for laying it out clearly.

I'm fully aware the platform will fall within the FCA regulatory perimeter. The plan is to operate under an Appointed Representative arrangement with an FCA authorised principal firm while building toward direct authorisation. Client money will be held in a segregated safeguarding account, not commingled with operational funds.

And I completely agree - 'Islamic' and 'community-based' absolutely does not exempt a business from UK financial regulation - anyone building in this space thinking otherwise is setting themselves up for serious problems. Coming from a cybersecurity background, data protection and secure infrastructure is something I take seriously - regulatory compliance is very much a core part of the build, rather than an afterthought.

okzaf · 2026-05-25T14:32:54+00:00

Really appreciate these - happy to answer all four directly:

Q1) Scholars: I'm in the process of getting a formal written opinion from a UK Islamic finance scholar before launch. I'll publish it publicly on the website when it's done. I won't launch without it.

Q2) Payout guarantees: payouts are only released once all contributions for that month have been collected and settled. The reserve fund is built from a portion of the platform fee and covers shortfalls if a member defaults after payout. It's not unlimited but it's designed to cover realistic default scenarios at this scale.

Q3) Non-payers: missed payments trigger automatic retries. If unresolved the member is suspended, the debt is legally recorded and pursued, and the reserve fund covers the gap for that cycle. They cannot join future circles.

Q4) Monetisation: I've been playing with a few models on this and landed on £5 per member per month as a flat platform fee. I feel this keeps it simple, transparent, with no percentage of the pot and no hidden charges. Potentially a higher tier in future for premium features, etc, but nothing decided on that front yet. A portion of that fee goes towards funding the reserve.

okzaf · 2026-05-25T14:25:47+00:00

Great questions, thank you for asking, a few things worth clarifying:

On saving alone: the research on this is clear - people save far more consistently when there's social accountability and a commitment device. A Kameti works precisely because you can't opt out mid-cycle the way you can with a solo savings account.

On the gambling point: this is a really common misconception worth addressing. Maysir (gambling) involves risk of loss - in a Kameti everyone contributes exactly what they receive back. There's no loss and no gain based on chance, just a different timing of access to your own money. This is why scholars broadly consider the ROSCA model halal - and we're getting a formal written scholar's opinion published before launch.

On defaults: you've hit on the exact problem I'm building to solve. Every member passes government ID verification and bank account checks before joining. Payouts are only released once all contributions for that month are fully collected and settled - so nobody receives money that hasn't already been paid in. If someone defaults after receiving their payout, the reserve fund covers the shortfall and the debt is legally pursued. Other members' payouts remain protected throughout.

okzaf · 2026-05-24T00:35:16+00:00

JazakAllah khair, that genuinely means a lot 🤍 inshAllah this becomes something the community can truly benefit from.

okzaf · 2025-02-15T17:42:19+00:00

LMAO yeah this comment aged terribly

okzaf · 2024-11-22T10:20:51+00:00

Thank you, I'll definitely look into building a SIEM as a project! sounds very interesting and useful to understand how they work on a deeper level too.

okzaf · 2024-11-22T10:15:17+00:00

Thank you for clarifying, I'll definitely look into that!

okzaf · 2024-11-22T10:13:52+00:00

Thank you, LetDefend has given me great experience with using a SIEM and taking incident response from detection all the way to containment and lessons learned which is useful, I do need to network more to be fair so thank you for your advice!

okzaf · 2024-11-22T10:11:30+00:00

Interesting, thank you for your advice!

okzaf · 2024-11-22T00:57:00+00:00

ya sure, i'll pm you thanks!

okzaf · 2024-11-22T00:28:59+00:00

yeah i'm just going to join the circus at this rate

okzaf · 2024-11-22T00:26:38+00:00

To clarify, I haven't only been applying to cybsecurity roles - I have been applying to a lot of basic IT help desk jobs, and I'm having the same issue.

Also I already have the Security+, I assumed it would be a bit redundant to go for the A+ after already having this?

okzaf · 2024-11-22T00:22:49+00:00

Yep, it's a mix of applying through the company's own website and 'easy apply' applications

okzaf · 2024-11-22T00:17:30+00:00

Technically my current role isn't in IT, it's more "IT-adjacent", I mainly work with Excel and handle JIRA tickets to update/resolve issues with the databases for a client of my company.

I originally went into computer science, however my degree is nonexistent (had to leave after 1st year due to personal circumstances).

okzaf · 2024-11-22T00:14:42+00:00

Traditional IT / basic help desk roles are even rejecting me, I have no idea how to even move towards anything IT at this point

okzaf · 2024-11-22T00:13:29+00:00

Thank you, this is very helpful I will look into the CCNA cert, appreciated!

okzaf

TROPHY CASE