Howieda is a 24-year-old woman who is married and has two sons and two daughters. Her husband is a taxi driver and the income he gets is the only source of income for the family. Howieda wants to help her husband to pay for purchasing a new engine for the taxi the family owns in order to improve it, but she has not enough money to pay, so she needs to take a loan from FATEN.
When Howieda gets the loan, which is repaid on a monthly basis, she will be able to help her husband and pay to purchase new engine for the taxi. This will improve the taxi's capacity for working and enable her husband to work extra hours to increase the family income and offer to them better living conditions. Howieda is a conservative woman, so her husband is photographed 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.