Terms And Conditions

1. DEFINATION OF TERMS

1.1 Alkebulan Savings Club is also referred to as ASC.

1.2 Banker refers to the administers of ASC finance department.

1.3 A Member is someone who had registered with ASC by filling out the registration form and paid any fees prescribed by the Banker at the time of registration.

1.4 The Alkebulan Plan is also referred to as the A-Plan. It is a flexible saving scheme where the member chooses an amount (target) and consistently saves towards that target.

1.5 The Rotating Savings is also referred to as the SUSU scheme or the S-plan. It is a type of savings where two or more friends or family members or colleagues from work will come together and agree to save a set amount collectively and consistently. At an agree period, one of the members collect the total saving and the cycle starts again till all members within the groups get their due total savings.

1.6 Susu Cycle refers to the period of operation by a group formed by friends, family or colleagues to rotate their savings till the end. It is the time from when the first payments are made to the time the last member collects their savings.

2. JOINING PROCESS
To fill out an online application form and be accepted by the Banker. ASC keeps data of members in accordance to GDPR guidelines. A member will get regular communications and updates on our services. Bank details will be exchanged between members on the S-plan, if members collectively so agree.

3. RULES AND PROTOCOL
Members who sign up for the S-plan are expected to be diligent in their payments. It is the sole responsibility of the other members within that Susu Circle group to ensue the other members (who may be friends or family or colleagues pay up regularly. On the other hand full responsibility shall be borne by ACS if the Banker had put the group together.

4. ORDER OF SAVING WITHDRAWAL
Group members are at liberty to determine the order in which they will want to received their portions of their savings. In the event, members are not able to agree on this, the Banker shall set in to randomly allocate withdrawal dates for each member.

5. LIABILITY
Members who collects their savings but fail to continue with their contributions shall be made to pay their due in full or be liable for persecution. Members travelling on holidays should make full payment in advance to cover their period of absence.

6. RISK MANAGEMENT
Due to the short turnaround nature of the process, ASC does not reinvest members' contributions.

7. EMERGENCY LOANS
Long term members with proven track record with ASC could have additional benefits of endorsement and recommendations. They also stand a good chance of being accepted to receive short term loans at concessional interest rates.

If you have any further queries, do not hesitate to contact us using our contact form. Responses straightaway through email: admin@alkebulan.london