Hui, Ko and Mujin Lending Circles in China and Japan
Description
Ed Mayo:
"The idea of lending circles can also be traced back to thirteenth century Japan, in the form of Ko or Mujin, where groups of rural villagers, between twenty and fifty people, pooled savings and took turns to win credit. These may have been adapted from, or adapted into the Hui model from Southern China. This was smaller scale but, similar in terms of running until all have saved and borrowed before closing. In rural Korea, Kye emerged in the sixteenth century, providing a similar function. Rotating savings and credit associations such as these have a long history by different names in different countries: Tontines in West Africa, Muzikis or Likelambas in the Democratic Republic of the Congo, Ekub in Ethiopia, Stokvel in South Africa, Mukando in Zimbabwe, Tandas, and Cundina in Mexico, Chits, Kuries and Bhishies in India and Thong Thing in Cambodia (Kabuya, 2015; Cao, 2016)."