Umulkhayr Fuad, 22 years old, studies at Gollis University College, faculty of civil engineering. She is a junior student and her main challenge is the lack of a laptop to prepare her university assignments. She approached Kaaba Micro finance Institution for a laptop. Kaaba will provide the laptop, which she can pay for in monthly repayments. After finishing university, Umulkhayr wants to study in the Masters program.
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.