Farzana has given birth to three sons and a daughter. Two of them are studying while her remaining children are not yet of school-going age. Farzana has applied for a loan from Kiva partner Asasah for further expansion of her husband’s gas cylinder sales business. With the loan investment, he will buy LPG gas cylinders that will allow him to fill client orders on time and increase his profits. He has been operating his business for many years and Farzana is confident that his business will have more success after investing the loan in it.
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