Total loan: $1,825
Jabalia, Gaza, , Palestine / Personal Use
Flag of Palestine
Muhammad's loan finished fundraising,
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A loan helped to purchase a fridge, washing machine and TV.
Muhammad is a 37-year-old father of four daughters and two sons. Muhammad has been living with his parents as he couldn't afford to furnish a house as he is a Palestinian National Authority employee. Muhammad has saved money for a long time so that he could furnish the house and he took out a loan from FATEN to purchase the last three items to move in finally. Muhammad is photographed in FATEN's office. About this loan product: FATEN offers loan products that are designed to serve borrowers all over Palestine, including some religiously conservative areas. A key tenet of Islam is the prohibition of interest in the lending or accepting of money. This prohibition is based on the belief that money should be seen only as a medium of exchange and that it has no value in itself. FATEN has adapted the terms of this loan to fit the cultural context by attaching a 0% interest rate to the loan. In order to cover its costs, FATEN does charge a servicing fee. The amount you see fundraising 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 in accordance with the repayment schedule attached to this loan. For more information on lending in the Muslim world, please visit Kiva's Muslim World Lending helptext: http://tinyurl.com/3aekx8m