Ahmad owns a small grocery store where he sells canned food, snacks and detergents. He used to work with his friends at a grocery store, but in 2010, after gaining enough experience in this field, he established his own business in his neighborhood, becoming well-known and well-regarded since he is the only grocer in the area.
Ahmad is requesting a loan of 1,800 USD, to buy two new refrigerators and an air-conditioner. He believes that this loan will help him to increase sales and profits. Ahmad hopes to educate his children and provide his family with better living standards.
More information about this loan
This loan is for a borrower who faces unique economic challenges due to the ongoing conflict in Iraq. Freedom of movement has been greatly restricted throughout the country by increased violence and the spread of armed groups, and there has been an influx of refugees (both internally displaced and those crossing into Iraq from Syria). As a result, individuals throughout Iraq are facing very difficult economic realities and daily life has become increasingly difficult. By supporting this loan, you are both helping CHF ACSI continue their important work and also providing greatly needed assistance to everyday people in Iraq struggling to make a living.
About CHF International Access to Credit Services InitiativeCHF 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.
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