Wael is a 28-year-old married man, a Palestinian National Authority employee with a decent salary. Wael wants to purchase a new kitchen table and chairs, a fridge and a washing machine but with the salary he earns, he will not be able to pay for the mentioned items so he needs to take a loan from FATEN.
By getting FATEN's loan,which is repaid on a monthly basis, Wael can easily pay the price of the items and will meet the family needs and live in better, more healthy home conditions.
Wael is photographed in FATEN's branch 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.
Palestinians face unique challenges due to the economic and political environment in the West Bank and Gaza. Click here to learn more about how Kiva and FATEN are working to help Palestinian borrowers overcome these obstacles and how your support can make a difference.