Hussain is from Iraq. He is 34 years old, married and has four children. Hussain and his elder child provide the family income, while the other three are continuing their education.
Hussain owns a blacksmith’s shop. He gained his long experience while working with his father ever since he was a boy. In 2006, Hussain established his own business and now he has hired an employee. He has gained a good name in his surrounding area thanks to his way of behaving with his customers.
Hussain is requesting a loan of $3,000. He will use this loan to buy a medium sized motor generator of the DIESEL brand. This motor generator will aid him to increase in his production. By the increase of his production and hence revenues, Hussain will be able to easily pay the school fees of his children and by a new house in the future.
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.