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Mohammad
Mohammad who appears in the photo, is a 27-year-old single young man. Mohammad has had a barber shop, which is a profitable project and the only source of income to him, but also not much enough to cover all his needs.
Mohammad has took a USD Murabaha loan from FATEN to cover the cost of purchasing new mobile phone to his personal use. Taking this loan will offer to Mohammad new mobile phone, so he will be in contact with his family and his clients, which will improve his living condition.
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
  • 29
    View loans »
    Palestine Loans Fundraising
  • $10,063,850
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $925 helped Mohammad to buy new mobile phone.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 22, 2013
Listed
May 23, 2013
Currency Exchange Loss:
N/A
Ended:
Dec 17, 2014