Felasteen is a 28-year-old young married woman and a mother to one son. Her husband is a worker who earns small salary, which is barely enough to cover the family's needs.
The family has added a new room to their small house, but the amount of money they have is not enough to cover all the costs of making the final finish to this new room from installing tiles and adding cement to its walls and ceiling. Felasteen has took a USD Murabaha loan from FATEN to cover these costs. This will offer to Felasteen and her family suitable home condition and improve their standards of living.
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.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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