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Ramzi
Ramzi, a 35-year-old married father of three sons and two daughters, is a Palestinian National Authority employee who earns a decent salary. Ramzi wants to purchase a new rickshaw in order to work extra hours and increase the family income, but the amount of money he has isn't sufficient. He is therefore requesting a loan from FATEN, to be repaid monthly which, when combined with his savings, will enable Ramzi to make the purchase and help him to improve his family's living conditions.



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.

Additional Information

About FATEN

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.

About Palestine

  • $4,900
    Average annual income
  • 54
    View loans »
    Palestine Loans Fundraising
  • $11,628,200
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,250 helped Ramzi to purchase a new rickshaw.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 26, 2011
Listed
Oct 12, 2011
Currency Exchange Loss:
N/A
Ended:
May 15, 2012