Her husband is a rickshaw driver while she supports her family by sewing clothes. She is very skillful in her work and receives regular orders every month.
She has applied for a loan from Kiva partner, Asasah, for her husband who wants to repair his auto-rickshaw. By doing that, he will be able to run his business better and provide improved transportation services to his passengers.
He has been operating his business for many years. Nazia is hopeful that the loan will help her husband make more money from his business, and she will also be able to send her remaining children to school in the near future.
More information about this loan
Asasah offers products that are customized for its Muslim clients. This Murabaha loan is structured as an interest free loan. Asasah purchases goods for its borrower and charges them a markup or fee. 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