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Wajeeh
Wajeeh is a 25-year-old, married man from Gaza city. He lives in a small house, with his wife and a little male son. Wajeeh has owned a men's clothing store, since five years ago. It is a very successful store, because of the good-quality products and its location in a good commercial area in Gaza. But this store needs some support to increase the quantity of the inventory.

Wajeeh took a US Dollar, Murabaha loan from FATEN. This loan will help Wajeeh to purchase a new collection of clothes, which will increase the stock in the clothing store so the revenue will increase. Wajeeh had his picture taken in his store.


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.

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
  • 25
    View loans »
    Palestine Loans Fundraising
  • $9,984,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Paying Back

This loan has been fully funded!

A loan of $1,900 helped Wajeeh to buy a new collection of men's clothes to sell in his store.
97% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 15, 2013
Listed
Feb 13, 2013
Currency Exchange Loss:
N/A