In 2006 Social Finance was formed with Waheed as its major shareholder. In terms of the pension fund act members of a fund may borrow money from a financial institution and use the fund as security for the loan. The money may however only be used for housing purposes. Trustees of these pension funds are responsible for ensuring that these funds are used accordingly. Where funds are misappropriated Trustees could face a jail term. Hence Social Finance has been appointed by Absa Bank to assist in protecting these Trustees and banks from the abuse by members on the usage of Pension Backed Lending money.