Azeza is a 22-year-old young woman who is married and has one son and one daughter. Her husband is a Palestinian National Authority employee with a modest salary. Azeza has an educational center in the area where she lives and has a lot of customers. She wants to expand the center and purchase more chairs and tables for educational purposes. Azeza has an amount of money, but it is not sufficient, so she needs to take a loan from Kiva partner, FATEN, to complete the amount. When Azeza gets the loan, which is to be repaid on a monthly basis, she will be able to expand the educational center she has by purchasing new chairs and tables to use. This will improve her work, increase her income and provide better living conditions for her family.
Azeza is a conservative woman, so her husband is photographed instead in a FATEN branch.
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.