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Abdifatah Mohamed
Abdifatah is 23 years old and he is a university student. He studies at Admas University College, faculty of economics. He is in the last semester and wants to prepare a research paper or thesis book. Unfortunately, he has no laptop to write the research paper. He came to Kaaba MFI and got the laptop as a loan. Now he can use the laptop for his research paper and other educational purposes.

Additional Information

More information about this loan


This loan is part of Kaaba Microfinance Institution's effort to provide young students and recent graduates with laptop computers, and will be used to provide borrowers with computers, as opposed to cash or financial credit. Kaaba is the only nonprofit microfinance institution currently operating in Somaliland, a semi-autonomous region located within Somalia that is not recognized by other countries. Laptops are very difficult to obtain in Somaliland because the local economy has been severely impacted by civil conflict. By funding this loan, you are helping Kaaba bring computers from outside Somaliland and provide them to young clients on credit.
 

Kaaba has developed loan products in alignment with the cultural context in the primarily Muslim area it serves. To avoid charging interest -- which is opposed to Islamic law -- the organization purchases laptops for its borrowers and sells them at a slight markup ranging between 1.3% and 8% per month, proportional to the term of the loan. 

About Somalia

  • $600
    Average annual income
  • 0
    View loans »
    Somalia Loans Fundraising
  • $238,125
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $400 helped Abdifatah Mohamed to buy a laptop for educational purposes.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 30, 2013
Listed
Oct 22, 2013
Currency Exchange Loss:
N/A
Ended:
Mar 17, 2014