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Anonymous Group
In this Group: Anonymous, Anonymous, Anonymous, Anonymous, Anonymous, Anonymous
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Additional Information

More information about this loan

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. By funding this loan, you are helping this borrower to start or expand his or her business in a region with very limited access to 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 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.

Tags

About Somalia

  • $600
    Average annual income
  • 0
    View loans »
    Somalia Loans Fundraising
  • $152,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Paying Back - Delinquent
A portion of Anonymous Group's $3,300 loan helped a member to expand his clothing sales shop.
16% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Disbursed:
Nov 24, 2014
Listed
Aug 31, 2014
Currency Exchange Loss:
N/A