More than 3 years ago I started a small business which got me into a lot of debt. Which crippled me from running a healthy business and reach my potential. Yet, I was determined to find a solution, and managed to minimize all of my debts by restructuring it to a manageable amount, while regaining all my business back. BUT, not everybody can do this!
They say, " A man in debt is so far a slave!".
And as Prophet Muhammad PBUH said, "The Muslim is the brother of the Muslim, he doesn't oppress him and doesn't put him into ruin, and whoever is concerned for the needs of his brother, Allah is concerned for his needs, and whoever relieves a Muslim of a burden, Allah will relieve him of a burden from the burdens of the Day of Judgement and whoever covers (the faults of) a Muslim, Allah will cover (his faults) on the Day of Judgement."
We are on a quest on solving debts by creating a platform for creditors and debtors to settle these debts with a 3rd party agreement which will help both sides settle the amounts due, and will extend this with external help from donors, local organizations & philanthropists.
It's a match-making platform for others who want to help people in need of help. This is a multidisciplinary platform that does the following;
- Enlists debtors in financial awareness program while we evaluate their application.
- Contact related parties and offer restructuring the debt, while seeking other financing options.
- If the debtor's situation is extreme, we can offer them external "Sadaqa" from a charity or a philanthropist.
- In special conditions, we can launch certain campaigns to help raise money for repaying the debts.
What a debtor should do:
- Sign up to the platform.
- Enter the debt amount and sources of debt (among other information)
- Enter sources of income and average monthly income.
- Send us the online application and let the platform seek help for him.
We know that a big part of the debt comes from weak financial understanding. Some have the habit to go into debt, everyone knows someone like this. But we have a potential solution for this.
We will rely on volunteers in every city, and Non-Profit organizations to host our monthly activity, which will allow us to help debtors overcome the urge of wasting money.
This is a seed fund proposal to help me start SyD and get it up on its feet.
- $300 Hosting & Domain
- $800 Online Advertising Budget
- $700 Legal fees for registration
- $2400 renting an office space for SyD
- $1200 developing the platform's first version
- $480 Purchasing equipment for the office
- $600 Media creation for launching the platform
- $1500 For operational costs and any hidden costs through this year, also pocket money for volunteers
SyD is a global community initiative that is backed by you & technology (Same as Mozilla Organization), which manifest in a form of a platform, where all gather for the betterment of mankind.
SyD will always be a charity and will rely on donations for its continuity.
SyD is a market defining startup, creating a marketplace for debts and creditors, match-making people& organizations who seek or offer help.