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Total loan: $2,025
Khanyounis, Gaza Strip, , Palestine / Transportation
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Majdi's loan finished fundraising,
but these similar borrowers just need a little more help to reach their goals!
A loan helped To complete the price of purchasing a trailer for the rickshaw.
Majdi is photographed next to the rickshaw he owns. Majdi is a 44-year-old married man and a father to three sons and two daughters. For the past three years, Majdi has been a rickshaw driver, which is the only source of income to him and his family. Majdi wants to improve and expand his work as a rickshaw driver and use the rickshaw not only for transferring customers but also to transfer goods from one area to another. Majdi is requesting a USD Murabaha loan from FATEN to cover the cost of purchasing and installing a trailer to the rickshaw he drives. Taking this loan will create for Majdi another new path in his work, which will enable him to work extra hours and take additional requests, which will increase his income and improve the family's living conditions for the better. About Shariah-compliant lending: 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 help text: http://tinyurl.com/3aekx8m.