Funded

Total loan: $825
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Muhammad

Palestine
Palestine / Barber Shop

A loan of $825 helped to pay off rent and purchase tools.


Muhammad's story

Muhammad is 23 years old and is from Palestine. He has been working in hairdressing for 5 years now in his own shop which he inherited. Muhammad needed money to pay rent for the current month and to improve the shop by purchasing the tools he needs.

Muhammad came to FATEN to ask for the loan which will improve the shop and increase the number of clients since he will be using much better tools.

Muhammad is cutting a customer's hair in the picture shown here.

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



Loan details

Loan length:

17 months
Disbursed date: October 15, 2010
Facilitated by Field Partner: Palestine for Credit & Development (FATEN)

Lenders and lending teams



Loan details

Loan length:

17 months
Disbursed date: October 15, 2010
Facilitated by Field Partner: Palestine for Credit & Development (FATEN)