Filsan Hussein is 29 years old. She has two children and she has finished at the University of Hargiesa, faculty of nursing. Now she started a Masters Degree of midwifery at the University of Hargeisa. She needs a laptop to use for her university lessons and she cannot pay the money all at one time. She requested that Kaaba give the laptop as a loan; then she will pay installments. Now she is waiting for the laptop. Kaaba will provide the laptop to Filsan as a loan, and she will pay monthly repayments. After university, Filsan hopes to work as midwife.
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.