Terms & Conditions

“Wafir” refers to the digital financial technology platform owned and operated by Ajyal Fintech Solution LLC (commercial registration issued in Doha, State of Qatar).

“Qatar Central Bank (QCB) Sandbox Context”: Wafir was established under the laws of the State of Qatar and has obtained a regulatory sandbox testing license from the Qatar Central Bank to test innovative fintech products and group savings mechanisms.

“Client” or “Member”: Any natural person residing in Qatar who successfully completes Wafir’s Know-Your-Customer (KYC) onboarding and is approved to participate in savings associations.

“Savings Association” or “Circle”: A structured rotating financial association consisting of a defined number of members (e.g. 6 members) who commit to making fixed monthly contributions for a specified term, where one member receives the pooled payout each month in agreed rotation.

To be eligible to participate in Wafir savings circles, applicants must satisfy the following baseline criteria:

1. Be at least 21 years of age and legally competent to enter into binding financial contracts under Qatar civil and commercial law.

2. Possess a valid Qatari National Identity Card (QID) and a registered active Qatari mobile telephone number.

3. Provide a valid National Address Certificate and certified Salary Certificate from an employer registered in Qatar.

4. Successfully pass live electronic Know-Your-Customer (eKYC) verification and anti-money laundering (AML) screening.

5. Grant explicit consent for Wafir to perform credit inquiries and credit reporting with the Qatar Credit Bureau.

Following initial eKYC and financial assessment, Wafir assigns an Approved Tier and a Maximum Monthly Limit to each client within 48 hours.

The Approved Monthly Limit defines the maximum aggregate monthly contribution a member may commit across all active savings circles simultaneously.

Wafir reserves the right to review, adjust, or suspend a client tier based on payment history, credit bureau updates, or updated income verification.

All client contributions are deposited directly into a segregated escrow account held with a licensed Qatari commercial bank.

Escrow funds are maintained completely separate from Wafir’s operational capital and corporate accounts.

Funds held in escrow are dedicated solely to the disbursement of agreed circle payouts and may not be utilized, pledged, or encumbered for any other purpose.

Before committing to any circle, members select their preferred payout month from available slots corresponding to their approved tier.

Early payout slots (e.g. Month 1 or Month 2) may be subject to stricter eligibility and credit scoring criteria.

Once a Circle Participation Agreement is digitally signed and the circle commences, the agreed payout order is legally binding and non-transferable without written consent from Wafir.

Wafir strictly operates under a zero-interest financial model. No interest (riba) is charged, accrued, or distributed at any stage.

Wafir charges a transparent, one-time subscription fee per savings circle to cover administrative, verification, and platform management costs.

All applicable subscription fees are displayed clearly on the circle selection screen before member confirmation and digital signature.

Monthly contributions are due on the agreed monthly calendar due date.

In the event of a delayed payment, automated notifications and reminders are issued to the member.

Overdue contributions must be settled before the next monthly contribution or within 30 calendar days of the due date, whichever is earlier.

If a contribution remains unpaid after 30 days, the member is formally in Default. Upon default: (a) all remaining future contributions for the entire circle term become immediately due and payable; (b) the default is reported to the Qatar Credit Bureau; and (c) Wafir may initiate formal legal proceedings before the competent judicial authorities in Qatar to recover all outstanding amounts.

A member may withdraw from a scheduled circle before the circle official start date with a full refund of any paid contributions and subscription fees.

Once a savings circle has commenced, immediate unilateral withdrawal is restricted to protect the financial commitments of fellow members.

In exceptional circumstances (such as verified emergency relocation or disability), Wafir may facilitate a replacement member in accordance with the Circle Participation Agreement.

This agreement and all associated circle participation contracts are governed by and construed in accordance with the laws of the State of Qatar.

Any dispute, controversy, or claim arising out of or in connection with this agreement that cannot be resolved amicably within 30 days shall be submitted to the exclusive jurisdiction of the competent courts of the State of Qatar.