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Mohamed
Mohamed is a 42-year-old Iraqi father of two children.

Mohamed owns a lot near the busy streets of the city Bazaar shopping market, which he uses for his parking business, allowing shoppers to park their cars. The lot can hold about 35 cars at once, and it is usually full. The streets of the Bazaar are narrow and cars are not allowed to park on the side of the streets as they quickly fill with people and carts selling all kinds of goods.

The business has been running for 6 years now. In the past, Mohamed successfully applied, received, and repaid a loan taken from Relief International-Iraq, which he used to renovate another building on the lot. Mohamed now takes a loan of 2,000 USD to renovate the little one room shelter building at the entrance of the parking lot, making it easier to work during the cold winter days as well as creating a shelter from the sun for the hot summer.

Additional Information

About Relief International Iraq

Relief International (RI) is a non-profit non-sectarian organization with a multifaceted approach to working in post-conflict, vulnerable and transitional countries. As part of its core mission to bridge emergency relief with long-term development though sustainable, enterprise-oriented solutions, RI directs a broad microfinance portfolio in the Middle East and South Asia. In Iraq, RI microfinance has been providing access to capital for micro, small and medium enterprises since 2006. When lending through RI, there are several points to consider:

1. RI-Iraq offers loans that are customized for borrowers in Iraq, a predominantly Muslim country. A key principle of Islam is the prohibition of charging interest on a loan. This prohibition is based on the belief that money is only a medium of exchange and has no value in itself. In order to offer loans in a manner consistent with borrowers' values, RI-Iraq charges 0% interest on this loan. However, RI-Iraq does charge a servicing fee to cover its costs. The loan amount you see listed on Kiva 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 according to this loan’s repayment schedule. For more information on lending in the Muslim world, please click here.

2. Because of on-going security concerns, due diligence on RI-Iraq was conducted remotely, rather than in-person as is typical with most Kiva Field Partners. RI-Iraq does, however, meet all of the other minimum criteria required by Kiva's full due diligence.

3. One of the challenges of lending to entrepreneurs in Iraq is the increased chance of difficulty transferring funds between the United States, where Kiva is based, and Iraq. While Kiva has been able to send and receive funds to and from Iraq in the past, there is a chance that we may encounter problems doing so in the future. This could result in difficulty repaying loan funds to lenders, even if individual borrowers have paid back their loans. As a lender to borrowers in Iraq, you would be taking on this additional risk.

About Iraq

  • $3,600
    Average annual income
  • 0
    View loans »
    Iraq Loans Fundraising
  • $9,312,050
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,000 helped Mohamed to fix up the little shelter building at his parking lot.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 15, 2012
Listed
Jan 17, 2012
Currency Exchange Loss:
N/A
Ended:
Feb 15, 2013