Mostafa is a 28-year-old man, who is married and has four sons and one daughter. He is a Palestinian National Authority employee with a modest salary. Mostafa wants to improve his income by purchasing a new rickshaw to drive and take internal transports, but the amount of money he has isn't enough to pay, so he needs to take a loan from FATEN.
When Mostafa gets the loan which is repaid on a monthly basis, he will be able to complete the amount he has and purchase a new rickshaw, that will enable him to work extra and increase his income and so provide better living conditions to his family. Mostafa is photographed in the picture next to the rickshaw he will buy.
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.