In the latter sense it refers in official usage to a modern university, based on the Western model, as opposed to the medieval madrasa.
[1] The term seems to be a translation of "university" or the French "université" and emerged in the middle of the 19th century; the earliest definite use in this sense appears in 1906 in Egypt.
[1] In Islamic economics, Jamia refers to a rotating savings and credit association commonly found in various communities, especially in Muslim majority countries.
Under sharia law, the payment of interest, known as riba, 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.