Alaa' is a 25 year-old young man. He is married and has one son and one daughter. He has a barber shop and wants to purchase a new barber kit and some barber products such as hair products and shaving products, etc., in order to improve his work. He has some money but it is not enough to purchase the supplies so he needs to take a loan from FATEN. When Alaa gets the loan, which is repaid on a monthly basis, he will be able to purchase new barber kit and other essential products to improve his work. This will increase his income and enable him to provide better life conditions to the family. Alaa' is photographed in his barber shop.
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.