Gam'eya


Gam'eya or jameya is a form of rotating savings and credit association 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. It is also referred to as a chit fund in India and a tanda in Mexico.

Operation

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