Allah Rakhi's Group
Allah Rakhi has given birth to 4 sons. All of them are attached to different kinds of work and contribute financially to the family.
She has applied for a loan from KIVA partner, Asasah, for further expansion of her husband’s business. With the loan investment, he will buy iron and will also repair his welding machine. This will help him to provide better quality services to his clients and increase his profits.
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