Jamia (جامعةjāmi‘a; alsojamiya[h]) is theArabic word forgathering. It can also refer to a bookAl-Jami'a or amosque, or more generally, a university. In the latter sense it refers in official usage to amodernuniversity, based on theWestern model, as opposed to the medievalmadrasa.[1] The term seems to be a translation of "university" or theFrench "université" and emerged in the middle of the 19th century; the earliest definite use in this sense appears in 1906 inEgypt.[1]
InIslamic economics, Jamia refers to a rotating savings and credit association commonly found in various communities, especially inMuslim majority countries. These associations involve members contributing money into a common pool on a regular basis, with each member taking turns receiving a lump sum from the pool. Jamia facilitates access to funds for various purposes without resorting to interest-based borrowing. Undersharia law, the payment of interest, known asriba, is forbidden due to its perceived exploitative nature of borrowers. Jamia in this case, offers a method that adheres to Islamic principles without resorting to interest-based borrowing.[2]
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