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Sarmad
Sarmad is from Iraq. He is 28 years old, single and lives with six family members of whom three work.

Sarmad has owned a children’s clothing store since 2010. He has more than four years experience in this field. He has a deep understanding of customer’s needs and a good reputation, and he is well known in his surroundings. His store is situated in a commercial area so a number of potential customer pass by.

He decided to apply for a $3,000 loan in order to buy an electric generator and a mannequin and to make showcases for his store. He is aiming to gain more profits in order to to provide a better life for his family.

Additional Information

About CHF International Access to Credit Services Initiative

CHF International Access to Credit Services Initiative Iraq has played a significant role in the rehabilitation of the Iraqi economy. As the largest microfinance institution in Iraq, ACSI is well-positioned to provide quality financial services. When lending through CHF, please consider the following:

1. Due to social and political challenges in Iraq, personally identifiable attributes of this borrower may have been altered to protect their identity (i.e. blurring portions of the borrower's photo, anonymizing name and location, etc.). CHF appreciates Kiva lenders' understanding of these challenges and encourages lenders to continue their support for Iraqi borrowers.

2. To cater to more Iraqi borrowers, CHF offers loans that comply with Islamic law. A key principle of Islam is the prohibition of charging interest on a loan. In order to offer loans in a manner consistent with borrowers' values, CHF will charge 0% interest on this loan. However, the organization does charge a flat service fee to cover its costs. The loan amount you see listed on Kiva includes both the principal loan and this additional fee. As with all Kiva loans, you should expect to have your funds returned to you according to this loan’s repayment schedule. For more information on lending in the Muslim world, please click here.

3. Please note that CHF has not been visited by any members of Kiva's staff. Due to ongoing security concerns, due diligence was conducted remotely. ACSI does, however, meet all of the minimum criteria for partnership with Kiva.

4. While Kiva has been able to send and receive funds to and from Iraq in the past, there is a possibility that future loan repayments could be delayed for regulatory reasons, even if individual borrowers pay back their loans. When you make a loan through CHF, you assume this additional risk.

About Iraq

  • $3,600
    Average annual income
  • 3
    View loans »
    Iraq Loans Fundraising
  • $9,342,650
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Sarmad to buy an electric generator and a mannequin and to make showcases for his store.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 29, 2011
Listed
Oct 1, 2011
Currency Exchange Loss:
N/A
Ended:
Oct 15, 2012