Skip to main content

Islamic loans give Gaza's women chance to survive poverty

Poverty and unemployment have pushed many women to become the source of income to their families, thus seeking to open their own enterprises through Islamic loans.
Palestinian women walk in front of a house that witnesses said was destroyed by Israeli shelling during a 50-day war last summer, in the east of Gaza City May 6, 2015. In recent weeks, a flurry of envoys has beaten a path to Gaza's door: representatives from Qatar, Turkey, the United Nations, the European Union and former U.S. president Jimmy Carter have all visited or tried to visit. The impact of the stand-off is widespread, but in two areas it is particularly problematic: it is stalling rebuilding in Gaz
Read in 

GAZA CITY, Gaza Strip — Women in the Gaza Strip face increasing economic pressure as poverty rates reach up to 38.8% — particularly after Israel's latest war — and unemployment rates climb to a staggering 47%. This situation has pushed many women to become the breadwinners of their families and to seek sources of funding to establish small and sustainable enterprises by obtaining Islamic loans.

A "good," or true, Islamic loan is a loan provided by nonprofit and nongovernmental associations, offering support for women and poor families to help them out of poverty and to promote economic development. This type of loan carries a 0% interest rate, with a specified maturity date and a grace period, following the provision by the guarantor of a guarantee for the recovery of the loan value. This type of loan represents an opportunity for the poor to obtain financial services and facilities, and it encourages the marginalized workforce among women and the poor class in general to help their families.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.