Alae is a single Iraqi client who is 33 years old and lives with his family, consisting of 4 members. Alae and his brother provide the income for the family together.
Alae owns a grocery store. In his grocery store he sells all types of daily necessities like canned food, snacks, detergents, shampoos, and dairy. He has been in this field for more than 15 years and has been gaining much experience in what he does. In 2003, Alae established his own business, and now he has hired an employee. He has gained an excellent reputation in his area.
Alae is requesting a sum of $2,500 to buy a medium-sized motor generator and to increase his grocery inventory. He aims to grow his business and increase his profits so he may be able to not only take care of his parents but also his own future family.
About CHF International Access to Credit Services Initiative
CHF International Access to Credit Services Initiative Iraq has played a significant role in the rehabilitation of the Iraqi economy. As the largest microfinance institution in Iraq, ACSI is well-positioned to provide quality financial services. When lending through CHF, please consider the following:
1. Due to social and political challenges in Iraq, personally identifiable attributes of this borrower may have been altered to protect their identity (i.e. blurring portions of the borrower's photo, anonymizing name and location, etc.). CHF appreciates Kiva lenders' understanding of these challenges and encourages lenders to continue their support for Iraqi borrowers.
2. To cater to more Iraqi borrowers, CHF offers loans that comply with Islamic law. A key principle of Islam is the prohibition of charging interest on a loan. In order to offer loans in a manner consistent with borrowers' values, CHF will charge 0% interest on this loan. However, the organization does charge a flat service fee to cover its costs. The loan amount you see listed on Kiva includes both the principal loan and this additional fee. As with all Kiva loans, you should expect to have your funds returned to you according to this loan’s repayment schedule. For more information on lending in the Muslim world, please click here.
3. Please note that CHF has not been visited by any members of Kiva's staff. Due to ongoing security concerns, due diligence was conducted remotely. ACSI does, however, meet all of the minimum criteria for partnership with Kiva.
4. While Kiva has been able to send and receive funds to and from Iraq in the past, there is a possibility that future loan repayments could be delayed for regulatory reasons, even if individual borrowers pay back their loans. When you make a loan through CHF, you assume this additional risk.