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Aug 5, 2016 2:01 PM ET

Archived: Somalia – Borama Group2: A loan of $8,000 helps a member to purchase building materials for house construction.

iCrowdNewswire - Aug 5, 2016

Borama Group2

Borama, Somalia / Construction
Borrower image

Borama Group2’s story

Hasan is 31 years old and lives in Borama town. He has four children. Hasan is a contractor who builds houses for the public in Borama.

He needs building materials, such as skeleton constructions, in order to build more houses and get more income when he has his required goods and built houses.

He is the leader of a group known as Borama Group2, which consists of 11 members, nine males and two females. All of the group members have existing different businesses, and they need to expand their medium and small businesses. They will pay monthly repayments.

Hasan requested a loan of $1,100 from Kaaba Micro finance Institution to purchase building materials.

In this group: Hassan, Abdiwasac, Asha, Khadra, Awaale, Mohamud , Abdilaahi, Ali, Ahmed , Farxan , Ali
*not pictured 

Show previous loan details

This loan is special because:

It helps borrowers in Somalia grow their businesses. 

Nadia Costanzo
Kiva staff 

More about this loan

Kaaba is the only nonprofit microfinance institution currently operating in Somaliland, a semi-autonomous region located within Somalia that is not recognized by other countries. By funding this loan, you are helping this borrower to start or expand his or her business in a region with very limited access to credit.

Kaaba has developed loan products in alignment with the cultural context in the primarily Muslim area it serves. To avoid charging interest — which is opposed to Islamic law — the organization purchases assets for its borrowers and sells them at a slight markup ranging between 2% and 12%, proportional to the term of the loan.

A loan of $8,000 helps a member to purchase building materials for house construction.

Contact Information:

Borama Group2

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