Akram is a 30-year-old single man. He is a taxi driver, which is his only source of income. Akram wants to increase the efficiency of his taxi by changing the old engine and purchasing a new one, so he needs to take a loan from Kiva partner FATEN to pay. When Akram gets the loan, he will be able to purchase a new engine for the taxi and increase its efficiency. Akram will work extra hours and take more internal and external requests to increase his income and have a better standard of living. Akram is shown in the picture.
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.