Rami is a 34-year-old young man, who is married and has two sons and three daughters. Rami works as a taxi driver and owns the taxi he drives. He earns a decent income which is the only source of income for the family and so he doesn't have enough cash money to pay for the taxi repairs, insurance and licensing. He needs to take a loan from FATEN to help in paying these expenses.
As soon as Rami gets FATEN's loan and can cover the taxi expenses he will resume driving passengers, feeling safe and working for longer hours to generate a better income and let his family live in better conditions.
Rami is photographed beside the taxi he owns.
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 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.