A loan of $1,275 helped to purchase mobile phones to sell.

Hafez's story

Hafez is a 27-year-old, married man with no children yet. Hafez lives with his wife in a small village and he has a good reputation amongst his relatives and friends. Hafez is an ambitious young man and he prepares to start his own business which is a mobile phone store.

Hafez has an amount of money which is not enough to cover all the costs. He is requesting a USD Murabaha loan from Palestine for Credit & Development (FATEN) to cover the cost of purchasing the necessary number of mobile phones to open his store and meet the demand of his customers. Taking this loan will enable Hafez to successfully start his business and ensure better income and a bright future. Hafez is photographed inside his modest store.

About Shariah-compliant lending:
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.

Loan details

Lenders and lending teams

Loan details