Samer is a 27-year-old man. He owns a barber shop that is located in a good area and has a lot of permanent customers.
Samer wants to improve the look of his barber shop by purchasing new furniture such as chairs, tables and mirrors, but he hasn't enough money to pay, so he needs to take a loan from FATEN.
When Samer gets the loan, which is repaid on a monthly basis, he will purchase the furniture he needs to improve its look and attract more customers. This way he will be able to work extra and increase his income to live in better conditions.
Samer 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.