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Yaqoub
Yaqoub is a 39-year-old, married man. He is a father to two sons and one daughter. He is employed and gets a low salary, which is not enough to cover the family's needs.

For the past three years, Yaqoub has been driving a taxi, which has been a profitable project and a good second source of income for the family. Yaqoub wants to own a taxi, to improve his earnings. Therefore he is requesting a USD Murabaha loan from FATEN, to help him cover the price of purchasing a new taxi. Owning the taxi will enable Yaqoub to work extra hours and to accept additional internal and external requests, which will improve the family's income positively. Yaqoub is photographed next to his taxi.

About Shariah-compliant lending:
FATEN offers loan products that are designed to serve borrowers all over Palestine, including some religiously conservative areas. A key tenet of Islam is the prohibition of interest in the lending or accepting of money. This prohibition is based on the belief that money should be seen only as a medium of exchange and that it has no value in itself. FATEN has adapted the terms of this loan to fit the cultural context by attaching a 0% interest rate to the loan. In order to cover its costs, FATEN does charge a servicing fee. The amount you see fundraising includes both the principal loan and the loan servicing fee. As with all Kiva loans, you should expect to have your funds returned to you in accordance with the repayment schedule attached to this loan. For more information on lending in the Muslim world, please visit Kiva's Muslim World Lending helptext: http://tinyurl.com/3aekx8m.

Additional Information

More information about this loan

This loan is governed by Islamic lending principles. Because Islamic Law prohibits the charging of interest, FATEN is charging 0% interest on this loan. This is a Murabaha loan, which means that FATEN purchases goods for borrowers and charges a fee or mark-up. Click here to learn more about this loan type and Kiva's approach to lending in the Islamic world.  

About FATEN

Palestinians face unique challenges due to the economic and political environment in the West Bank and Gaza. Click here to learn more about how Kiva and FATEN are working to help Palestinian borrowers overcome these obstacles and how your support can make a difference.

About Palestine

  • $2,900
    Average annual income
  • 57
    View loans »
    Palestine Loans Fundraising
  • $10,643,025
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,525 helped Yaqoub to complete the price of purchasing the taxi.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 25, 2012
Listed
Dec 13, 2012
Currency Exchange Loss:
N/A
Ended:
Jan 17, 2015