Numan is a 42-year-old man, married, and a father of two daughters and two sons. Numan lives in the Jabalia Refugee Camp in Gaza Strip. He is a taxi driver; he took out a loan from FATEN to perform car maintenance. The taxi is the only source of income for the six family members.
Numan doesn't have enough cash to pay for the car maintenance, therefore FATEN's loan is necessary to improve the family's financial situation.
Numan appears in the picture next to the taxi.
About this loan product:
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 cultural 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 principal 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, please visit Kiva's article on Lending in the Muslim World
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.