Gamey'a (As known in middle east) is very common in over 89 countries and communities around the world. They call it Chit funds in India and Tandas in Mexico.
How it works:
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.
References
Gam'eya Wikipedia(Text) CC BY-SA