Ahmad is from Iraq. He is 35 years old and lives with his family: his parents and his brother. Ahmad and his brother take the responsibility of providing the family income together.
Ahmad owns a workplace where he specializes in repairing motor generators. This business in highly demanded in his neighborhood since there is much use for motor generators. Ahmad has a long experience in this field. He established his own independent business in 2000. Now Ahmad has two hired employees and is being well-known in the surrounding area with an excellent reputation.
Ahmad is requesting a loan of 3,000 USD. He will use this loan to expand his shop inside and to buy some spare parts used for his work. Ahmad believes that this loan will give him the chance to grow his business and will result in the improvement of his current financial conditions and will grant him the ability to provide better living standards for his family.
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.