Waseem is a 24-year-old young man. He has a store selling construction supplies. He wants to expand his work and purchase more construction supplies to sell because of high customer demand in the summer season. The amount of money Waseem has isn't enough to pay, so he needs to take a loan of $1,907.34 from FATEN. When Waseem takes his FATEN loan, which is repaid on a monthly basis, he can purchase extra construction supplies and so expand his work and increase his income. That will reflect positively on his life so he'll have better living conditions. Waseem is photographed in his store.
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.