Update on MajdiMajdi is photographed next to the rickshaw he owns.
Majdi is a 44-year-old married man and a father to three sons and two daughters.
For the past three years, Majdi has been a rickshaw driver, which is the only source of income to him and his family.
Majdi wants to improve and expand his work as a rickshaw driver and use the rickshaw not only for transferring customers but also to transfer goods from one area to another.
Majdi is requesting a USD Murabaha loan from FATEN to cover the cost of purchasing and installing a trailer to the rickshaw he drives. Taking this loan will create for Majdi another new path in his work, which will enable him to work extra hours and take additional requests, which will increase his income and improve the family's living conditions for the better.
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 fees. 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 help text: http://tinyurl.com/3aekx8m.
Previous Loan DetailsMajdi is a 43 year old man. He is a father for three sons and two daughters. He is a rickshaw driver, which is the only source of income for the family. Majdi is looking, in the future, to have a taxi to drive. Majdi wants to change his old rickshaw and purchase a new one in order to improve his… More from Majdi's previous loan »
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 FATENPalestinians 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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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Success!! The loan was 100% repaid