Perveen is a housewife who remains at home and takes care of her household responsibilities.
Her husband operates a scrap-selling business. He purchases scrap in bulk and supplies it to different factories and other scrap dealers in the city.
Perveen has applied for a loan from Kiva partner Asasah for the further improvement of her husband's business. With the loan investment he will buy scrap in larger quantity to be able to fulfill his client's requirements and increase his income.
Perveen is hopeful that the loan will be a productive one for her husband.
More information about this loan
Asasah offers products that are customized for its Muslim clients. This Qard Hassan product loan. also referred to as Qarz-e-Hasna (Al-Madad) in the Urdu language, is an interest free loan, usually offered to students or the very poor. For more information on Islamic microfinance, please click here.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid