Aydah is a 39-year-old married woman and a mother to two sons and three daughters. Her husband is employed and gets a low salary, which is not enough to cover all the family's needs.
Aydah and her husband own a taxi office. They have had this business for four years. It is considered a very successful business because it is located in a very crowded area in Jabalia. Aydah and her husband are very ambitious; they want to improve their project by buying office furniture and some communication devices to make the job more efficient.
Aydah took out a USD Murabaha loan from FATEN. This loan will help Aydah and her husband to buy furniture and some communication devices for the taxi office. This will help to improve the project and increase the family's income.
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 helptext: http://tinyurl.com/3aekx8m.
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.
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Success!! The loan was 100% repaid