gam'eya
Gam'eya or jameya is a form of rotating savings and credit association (ROSCAS) used in over 89 countries and communities, particularly in the Middle East. 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.{{cite web |url=https://www.wamda.com/2017/06/egyptian-fintech-startup-founder-digitizes-traditional-lending-practice |title=Egyptian fintech startup digitizes the gameya |date=June 6, 2017 |publisher=Wamda}} It is also referred to as a chit fund in India and a tanda in Mexico.{{cite book |title=Indigenous savings & credit societies in the developing world in Von Pischke |publisher=Rural Financial Markets in the Developing World World Bank |location=Washington |year=1983 |last=Bouwman |first=F.J.A. |edition=Adams & Donald (eds.)}}{{cite book |title=The Poor & Their Money |publisher=Oxford University Press |location=Delhi |year=2000 |last=Rutherford |first=Stuart }}{{cite document |title=Village Savings and Loan Associations (VSLAs) Programme Guide, Field Operations Manual |publisher=VSL Associates |location=Solingen |year=2007 |last1=Allen |first1=Hugh |last2=Staehle |first2=Mark }}
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.{{cite book |title= The Rotating Credit Association: a middle rung in development |location=Cambridge, Massachusetts, United States |publisher=Massachusetts Institute of Technology, Center for International Studies |year=1956 |last=Geertz |first=Clifford }}{{cite journal |title=CARE's Mata Matsu Dubara (Women on the Move) Program in Niger |journal=Journal of Microfinance, Brigham Young School of Business |location=Provo, Utah |year=2002 |last1=Grant |first1=William J. |last2=Allen |first2=Hugh }}