Manar is a 25-year-old young woman. She is married and her husband is a Palestinian National Authority employee with a decent salary. In addition, he works as a driver for the taxi the family owns. Manar wants to change the taxi engine motor to let it work more efficiently and increase the family income. She also wants to purchase some home appliances she needs such as a refrigerator, gas, etc, but the amount of money she has isn't enough to pay for these expenses so she needs to take a loan of $2,386.67 from FATEN. When Manar takes the loan, which is repaid on a monthly basis, she will be able to change the taxi engine motor to a new one, which enables her husband to work extra hours and increase the family income. Manar will also purchase the home appliances she needs and that will improve her life and she will be able to live with her family in better conditions. Manar is a conservative woman so her husband is photographed instead next to the taxi the family 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.