Suzan is a 30-year-old young woman. She is married with three sons and one daughter. She lives in Rafah city, Gaza, Palestine. Her husband is a Palestinian National Authority employee with a decent salary. He also works as a taxi driver after hours. Suzan's husband has a taxi that provides income for the family's living expenses. This taxi needs a new engine to work more efficiently. Suzan wants to share this expense with her husband and take a loan of $1,896.50 from FATEN. When Suzan takes the loan, which is repaid on a monthly basis, her husband will be able to purchase a new engine and work extra hours to increase the family income and improve their living conditions. Suzan is a conservative woman, so her husband is photographed instead next to the taxi.
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.