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Sicid Ali
Sicid Ali is 32 years old. He is married and has five children. He works at Somtel Company. He needs a laptop to work efficiently, and he cannot pay the money all at one time. His good news was when he got the Kaaba-Kiva laptop loan. He approached Kaaba MFI and then Kaaba provided him with a laptop that he can pay for in installments.

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 $500 helped Sicid Ali to buy a laptop for work purposes.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Disbursed:
Feb 28, 2014
Listed
Jan 11, 2014
Currency Exchange Loss:
N/A
Ended:
Sep 17, 2014