Sakina has seven sons, but she couldn’t provide them education due to financial constraints. She has applied for a loan from KIVA partner Asasah because she has a large order to fulfill. With the loan investment she will buy leathers and shoe laces in larger quantity and of better quality, which will help her completing the orders on time.
She has been operating this business with her husband for many years and is confident about her family's business success after receiving the loan.
Note: In the photo, the lady holding Asasah Passbook is Sakina.
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