Gam'eya or jameya is a form of

rotating savings and credit association A rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending. Members all chip in regula ...

(ROSCAS) used in over 89 countries and communities, particularly in the

Middle East The Middle East (term originally coined in English language) is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq. The term came into widespread usage by the United Kingdom and western Eur ...

. It operates when a group come together and contribute a fixed monthly amount into a common pot, each person takes a turn taking all the money at the end of each month. It is also referred to as a

chit fund A chit fund is a type of rotating savings and credit association system practiced in India, Bangladesh, Sri Lanka, Pakistan and other Asian countries. Chit fund schemes may be organized by financial institutions, or informally among friends, rela ...

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

and a tanda in

Mexico Mexico, officially the United Mexican States, is a country in North America. It is the northernmost country in Latin America, and borders the United States to the north, and Guatemala and Belize to the southeast; while having maritime boundar ...

Operation

# Group of friends joins together to contribute a fixed monthly installment into a common pot. # Every month one of the users takes the whole pot as a payout. # Circle ends when all circle participants gets his/her payout once. # Circle is then usually repeated with the same group of people over again.

References

Community building Credit {{cultural-anthropology-stub