Join an alternative to the bank

Save your money securely, access financial and advisory support for your projects, and be part of a unique organization that operates according to cooperative principles.

Access to financial support  |  Lower fees  |  No lock-in

How it works

01

Partners not clients

By joining Shreek, you will integrate an institution founded on the principles of democracy and cooperation, a civil company run by its partners. Unlike banks, Shreek’s unique approach allows members to actively participate in the decisions of the organization via voting.

02

How to join Shreek

Shreek uses a membership system, and each member is known as a partner. To join, you must be a Lebanese / long-term resident of Lebanon of over 18 years old, have a recommendation by at least one of the existing partners, and a commitment to Shreek’s core values.

03

Secure participation

Once you join Shreek you will be able to save your money securely; obtain adequate returns on your participations; and benefit from advanced financial security and data protection procedures.

04

Financial support for productive activities

Shreek partners are also eligible to apply for financial support for their productive activities, with favorable conditions and customized business development advice.

Why Join Shreek

Frequently Asked Questions

No, but we provide services for our partners similar to what banks should provide: Ability to save and borrow money, ability to pay with secure cards and vouchers, etc. Our legal structure is that of a civil company that serves the interests of its members, and transactions are limited to those among partners only. We are therefore very similar to a member-owned financial cooperative.

Future partners in Shreek should be over 18, fill a Know Your Shreek (KYS) application that we send to you, and provide a copy of your national ID or Passport, in addition to a recommendation by another Shreek partner. There are membership fees of 100,000 LBP paid upon joining, in addition to a minimum participation.

The participations that we receive from partners are in the form of loans made from the partners to the organization. They are kept fully in cash in safes that are insured and protected, and some are transferred to fully liquid guaranteed cash assets abroad. We do not use these participations for any expenses that we incur.

Yes currently the minimum deposit contribution is set at 1,000,000 LBP or 500 US$.

The participations are blocked for one month on a renewable basis, and they earn returns over that period. The original contribution plus returns accrued (net of taxes and official fees) can be withdrawn anytime, with the accrued returns discounted accordingly.

We only charge a yearly membership fee to cover basic administrative expenses. Members may be charged additional fees for specific services (such as cards issuance, home delivery of documents and payments…), and any official fees required by the government. We ensure all fees are fully transparent and communicated in advance.

Financial support packages are provided only for Shreek partners who present a solid case for a productive business investment or venture. We only provide loans for sectors we believe are a priority for societal development and local job creation.

Unlike banks, Shreek partners are all equal and have full participation and oversight over the organization’s operations. Shreek’s members have one vote regardless of the amount of their contributions. They are also represented in the governance structure through participation on elected boards and supervisory membership councils.

Shreek is managed by elected management bodies that have specific functions and duties, all reporting to the partners’ general assembly. Shreek has three central governing bodies: A Management Committee, an Internal Oversight Committee, and a Credit Committee. In addition to this, Shreek has core experienced staff (including credit officers, community management officers, …) lead by Shreek’s manager.

Yes the taxes deducted on interest earned are proportional to the contribution, and range from 4% to 12%.

Any partner who faces any issue with Shreek’s management can file a formal complaint to the Internal Oversight Committee, who has a mandate to investigate and solve problems internally. If the issue persists the partners have recourse to an external arbitrator.

Partners can exit Shreek by ceding their parts (and their participation contract) to other Shreek partners (if they wish to exit before the participation maturity), provided they have paid back all advances and obligations owed to the organization.

JOIN NOW AND FREE YOURSELF FROM THE BANKS

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