Shareefan has applied for a loan from Kiva partner Asasah for further expansion of her husband’s business. With the loan investment, he will buy utensils, tea and milk in larger quantities that will allow him to serve his clients better and increase his income. He will also hire a worker for delivering tea to different shops and offices.
He is very experienced in his business and has been operating it for the past many years. Shareefan is hopeful that the loan will help him make more profits from his business.
More information about this loan
Asasah offers products that are customized for its Muslim clients. This Qard Hassan product loan. also referred to as Qarz-e-Hasna (Al-Madad) in the Urdu language, is an interest free loan, usually offered to students or the very poor. For more information on Islamic microfinance, please click here.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid