Ahmed is married with five children who have all finished school. For the past year, he has been working hard to manage his clothing business. He sells clothes in the Hargeisa Market.
Ahmed is the leader of this group, known as Gabane. Each member of this group has his or her own existing business, and they all need to expand their businesses.
To help expand his business, Ahmed has requested a loan of $700. The loan will be used to buy more clothes and will help Ahmed to generate greater profits and increase his working capital.
He hopes that, in the future, he will be able to open up another shop or enlarge his existing one.
More information about this loan
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 assets for its borrowers and sells them at a slight markup ranging between 2% and 12%, proportional to the term of the loan.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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