Shadi appears in the photo in a home appliance store.
FATEN offers loans that are customized for Muslim borrowers. A key principle of Islam is the prohibition of charging interest on a loan. This prohibition is based on the belief that money is only a medium of exchange and has no value in itself. In order to offer loans in a manner that is consistent with borrowers' values, FATEN charges 0% interest on this loan. However, FATEN does charge a servicing fee to cover its costs. The loan amount you see listed on Kiva 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 according to this loan’s repayment schedule.
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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