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Why ZCF?

Easy Documentation

Various Chit Schemes

Government Registered

Multiple Payment Options

Prompt Prize Payments

Door-to-Door Collection

Our Team

Saif Ahmed

Managing Director & CEO

16 years in investment banking and islamic finance & investments

Founder of Infinity Consultants and Zamzam Capital LLP. Former Gulf-based Islamic Banker with Kuwait Finance House. Wall Street investment banking with Merrill Lynch and JP Morgan. Managing Trustee at Zayd Foundation. Graduate of Bates College and London School of Economics.

Shafik Ahmed


30 years in management, business development and marketing

Mechanical Engineer with industry experience in India, Nigeria and Azerbaijan. Co-Founder of Infinity Consultants and Zamzam Capital LLP. Trustee at Zayd Foundation. Graduate of BMS College of Engineering.

Mohamed Khalid Ahmed


20 years in finance, operations and human resources

Handled various responsibilities in the banking, financial and hospitality sectors in areas such as operations, merchandising, HR, credit, accounting and finance. Worked with ICICI Bank and for various hospitality groups in Saudi Arabia including the Saudi Hotels and Resorts Company. Graduate of Bangalore University.

Mufti Asadullah Qasmi

Shari’a Controller

12 years in teaching Islamic jurisprudent, Shari’a control and advisory

Qualified Islamic jurist with experience in practical issues related to Islamic finance, banking and business. Written over 1000 fatawa at Darul Ifta of Darul Uloom Deoband. Formerly Shari’a Advisor with Parsoli Corporation and Pragmatic Wealth Management. Graduate of Maulana Azad National Urdu University.

Chit Schemes


Chit funds are a savings vehicle which enables participatory savings for its members and are popular throughout the world and known by various local names and in financial jargon as Rotating Savings and Credit Associations (ROSCAs). Each chit scheme/ group has a fixed number of subscribers each of whom saves a fixed amount for a defined period where the number of months is equal to the number of subscribers in the scheme. Every month, the organizer of the chit schemes, i.e. the Chit Fund Company which is known as the Foreman, conducts an auction meeting for each chit scheme to choose the prized subscriber for that respective month. Conventionally (i.e. in the Non-Shari’a Compliant manner) the prized subscribers are chosen through a reverse-auction process where the “prize amount” is bid on discounts to it and paid to the member who has bid the most and agrees to take the least amount. This discount is shared equally between the members in the form of a “dividend”.

The Foreman collects a fee (% of chit value) for running the scheme, which is known as the Foreman’s Commission. In India, chit funds are regulated by the Chit Funds Act of 1982, and come under the Registrar of Cooperative Societies in each State.

ZCF has introduced a number of chit schemes to suit your convenience and budget. These chits are a means of savings and also funding to help you plan for the purchase of a house or vehicle, to meet a sudden financial commitment, to further invest in your business, to meet your travel expenses or for whatever reason you may require.

ZCF has been certified as Shari’a Compliant or Halal by prominent seminaries of India such as Darul Uloom, Deoband and Mazahirul Uloom, Saharanpur along with prominent scholars. It’s operations are overseen by the Shari’a Board of Infinity Consultants.

One of the key reasons why our schemes are Shari’a Compliant is the fact that we operate on a Zero Bidding Model where there is no bidding allowed between members and the prized subscriber is determined through the drawing of lots/ lucky draw.

ZCF has devised various schemes to suit everyone’s budget. Whether you are a entrepreneur, businessman, lawyer, IT professional or an employee we have schemes to suit everyone’s needs. To become a member in any of our chit schemes simply download, print and fill up our Subscriber Application Form available in the Downloads Section, scan and email it to us at and we shall get back to you with the next steps.

Yes, ZCF is able to accept subscriber payments online over UPI/RTGS/ NEFT/ IMPS.

No, subscribers do not have to attend the auction meetings nor is it required for them to send any representative to the meetings. ZCF is proud to have a spotless record in conducting all its meetings in the most professional and transparent matter for the comfort of our subscribers. As per policy, all subscribers are immediately intimated on the results of the auction meetings.



Contact Us

Zayd Chit Funds Pvt. Ltd. (ZCF) is India’s first interest-free chit fund company. ZCF was incorporated in 2011 with the CIN No: U65992KA2011PTC061044, and is registered by the Government of Karnataka under the Chit Funds Act, 1982.

No. 59, 1st Floor, 8th Main NG Palya (Next to UCO Bank), Bannerghatta Road, Bangalore 560029, India

(+91) 80 5000-6768
(+91) 86940-10200

Mon-Fri: 9:30 - 17:00
Sat: 9:30 - 13:00