Nancy is a conservative woman, so her husband is pictured above, photographed next to his taxi.
Nancy is a young woman who is 31 years old and a mother of two sons and two daughters. Her husband is a Palestinian National Authority employee with a decent salary. He is also a taxi driver with his own taxi and takes internal and external requests.
Nancy wants to help her husband pay the costs of repairing the taxi, such as painting and changing the engine. Her husband's salary is not sufficient to pay for both these expenses and the family's daily needs, so Nancy wants to take out a loan from FATEN to help. With the loan, her husband will be able to make the necessary repairs to the taxi, increasing its efficiency. Her husband will then work extra hours and take more requests to increase the family income, so he can provide his family with a better standard of living.
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.