Her husband does have a job, but his income is not enough to support the whole family. That’s why her three elder sons left their education and started different kinds of work to contribute to the family financially.
Kubra has applied for a loan from KIVA partner Asasah for her eldest son, who operates a grocery store in the market. With the loan investment, he will buy grocery items such as spices, sugar, and cooking oils in larger quantity. This will help him fulfill client orders on time and increase his sales and income.
He has been operating his business for many years. Kubra is hopeful that his business will get more success after investing a loan.
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