Total loan: $1,900
Khanyounis, Gaza Strip, , Palestine / Retail
Mohammad's loan finished fundraising,
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A loan helped To buy mobile phones and accessories to sell.
Mohammad is a 23-year-old single man from Khanyounis. He is a very ambitious young man. He and his friend opened a small shop for selling mobile phones and accessories. This store has been operating for six years and is located in a good commercial area in Khanyounis, which makes the project a profitable one and the only source of income for him, but he needs more support to cover some costs. Mohammad works very hard to improve his living conditions. He is requesting a USD Murabaha loan from FATEN to cover the cost of purchasing a new collection of mobile phones and accessories. This will increase sales and improve Mohammad's income positively. The photo shows Mohammad in his store. 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 helptext: http://tinyurl.com/3aekx8m.