One of the female members of the group is 27 years old, a young Iraqi woman. She is married and has been working as a dentist for two years.
After finishing her education she was able to work from her own small business, but the building she is using is in not a very good condition and is very off-putting. To be able to attract more customers and be able to receive greater trust in her services, in the cleanliness of the facility and the quality of the care she can provide, she is taking a group loan from Relief International Microfinance Iraq for the renovation of her work area.
Relief International - Microfinance Iraq offers "Group loans" for clients unable to provide a guarantor - thereby unable to apply for a loan as an individual. As a group, the members collectively guarantee the loan. Groups consist of three to five clients, and each client is evaluated on his or her repayment capacity. All group members receive the same loan amount as the individual with the lowest repayment capacity in the group.
Based on the political and social challenges of lending in Iraq, personally identifiable information about this borrower has been altered for her protection. RI-Iraq appreciates Kiva lenders' consideration of these challenges and encourages lenders to continue their support for Iraqi borrowers.
About Relief International IraqRelief International (RI) is a non-profit non-sectarian organization with a multifaceted approach to working in post-conflict, vulnerable and transitional countries. As part of its core mission to bridge emergency relief with long-term development though sustainable, enterprise-oriented solutions, RI directs a broad microfinance portfolio in the Middle East and South Asia. In Iraq, RI microfinance has been providing access to capital for micro, small and medium enterprises since 2006. When lending through RI, there are several points to consider:
1. RI-Iraq offers loans that are customized for borrowers in Iraq, a predominantly Muslim country. A key principle of Islam is the prohibition of charging interest on a loan. This prohibition is based on the belief that money is only a medium of exchange and has no value in itself. In order to offer loans in a manner consistent with borrowers' values, RI-Iraq charges 0% interest on this loan. However, RI-Iraq does charge a servicing fee to cover its costs. The loan amount you see listed on Kiva 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 according to this loan’s repayment schedule. For more information on lending in the Muslim world, please click here.
2. Because of on-going security concerns, due diligence on RI-Iraq was conducted remotely, rather than in-person as is typical with most Kiva Field Partners. RI-Iraq does, however, meet all of the other minimum criteria required by Kiva's full due diligence.
3. One of the challenges of lending to entrepreneurs in Iraq is the increased chance of difficulty transferring funds between the United States, where Kiva is based, and Iraq. While Kiva has been able to send and receive funds to and from Iraq in the past, there is a chance that we may encounter problems doing so in the future. This could result in difficulty repaying loan funds to lenders, even if individual borrowers have paid back their loans. As a lender to borrowers in Iraq, you would be taking on this additional risk.
This is a Group Loan
Loan tags help lenders find loans that match certain areas of interest. You can add up to 5 tags for this loan.
0View loans »
Success!! The loan was 100% repaid