Saed a Dein is a young man from Jabalia refugee camp. Saed owns a tailoring workshop. He works with his brothers in the workshop, which is the only source of income for the family. Saed came to Kiva's partner, FATEN, to take out a loan to purchase another tailoring machine and fabric. He wants to meet customer demand, especially now that feast is around the corner, and the workshop needs to increase production. The new sewing machine will help expand the project and provide work opportunities for more people in need of work.
Saed appears in the workshop in the photo.
About Shariah-compliant lending:
FATEN offers loan products that are designed to serve borrowers all over Palestine, including some religiously conservative areas. A key tenet of Islam is the prohibition of interest in the lending or accepting of money. This prohibition is based on the belief that money should be seen only as a medium of exchange and that it has no value in itself. FATEN has adapted the terms of this loan to fit the culturA. context by attaching a 0% interest rate to the loan. In order to cover its costs, FATEN does charge a servicing fee. The amount you see fundraising includes both the principA. loan and the loan servicing fees. As with all Kiva loans, you should expect to have your funds returned to you in accordance with the repayment schedule attached to this loan. For more information on lending in the Muslim world, please visit Kiva's Muslim World Lending helptext: http://tinyurl.com/3aekx8m.
Palestinians face unique challenges due to the economic and political environment in the West Bank and Gaza. Click here to learn more about how Kiva and FATEN are working to help Palestinian borrowers overcome these obstacles and how your support can make a difference.