A loan of $1,900 helped to pay some of the maintenance and repair costs for his taxi.

Alaaedden's story

AlaaEdden is a 29-year-old married man and father to two sons. For the past two years, AlaaEdden has been driving a taxi, which has been a profitable project and is the only source of income for his family, but he also needs some support to cover costs. The taxi he drives needs repairs such as installing new wheels and repainting.

AlaaEdden took a USD Murabaha loan from FATEN. This loan will help him to repair his taxi and increase the family income.

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