Ok i know how it works but whats the whole point/use of it? Is it a way of saving money? Because what you end up contributing, comes back to you anyways, doesnt it?
Re: kameti
its a way of having a big amount before saving every single peeny before hand. it is good but people involve have to be trustworthy.
Re: kameti
It is a way forcing yourself to save for buying some big ticket item. It works great in Pakistan where it is difficult to buy things on credit or installments.
Re: kameti
its a good way of saving and also work as interest free loan if you get the cash early and pay later months to come.
Its a way of saving without soud .. interest.
I am taking part in it .. it has some advantages as someone mentioned u are forced to save an amount each month and u get a bigger amount when ur turn comes and some dissadvantages.
Re: kameti
i've taken part in this for the past 4 years, and has worked well. I've used it to pay for deposits on my Masters, tix to Pakistan, and then just saved the rest.
Re: kameti
Thank you folks. Someone is starting one in our area so i decided to go with it too.
Re: kameti
how much do you need to contribute, and what's the payback?
Re: kameti
My mum started it for £200 monthly and she should be getting her kameti in 3 months of £5000, Tickets to Pakistan 
Sony bravia for my room is on its way 
how much do you need to contribute, and what's the payback?
I will be contributing $100 each month and getting $1000 back.