Abdulqader runs a telecommunications shop where he introduces phones services to his clients. He has been in the business for 12 years and he employs two persons. His shop is located in a crowded place with many English and Computer institutes and, because of that, almost all of his clients are students who are attracted to his business during the summer season. Recently, most of his clients (students) study in schools and universities, so Abdulqader's business faces a financial challenge leading to a decrease in his profit. As well, the current bad situation in Yemen also leads to his business being closed. So, Abdulqader took out a loan of 100,000 Yemeni rials (YER) from AML in order to expand his business and open it again, by buying telecommunication accessories for the return of his clients. In the future, he would like to purchase another shop for a bookshop in order to meet his clients' needs, particularly the students who are studying in the different institutes.
Abdulqader is 32 years old, married and the father of four children. He lives in Sana'a, Yemen. His educational background is Bachelor from Sana'a University.
About Al-Amal Microfinance Bank
Al-Amal reaches out to low-income micro-entrepreneurs and small business owners in Yemen with a suite of credit, savings, and insurance products tailored for Muslim borrowers. Before lending through Al-Amal, please consider the following:
1) Due to ongoing security concerns, full due-diligence of Al-Amal was conducted remotely rather than on-site. This makes Al-Amal atypical among Kiva's Field Partners, as Kiva staff have not conducted an on-site assessment. Al-Amal's assessment included in-person meetings with the top management in other, more secure locations in the Middle East.
2) Because Yemen is a new and unstable environment, there is a possibility that future loan repayments could be held indefinitely in the country for regulatory reasons, even if individual borrowers pay back their loans. As a lender to borrowers in Yemen, you accept this additional risk.
Additionally, all of Al-Amal's products are Sharia compliant and customized for its Muslim clients. Most of the loans are structured as Murabaha interest free loans. Al-Amal purchases goods for its borrowers and charges them a markup or fee. Al-Amal is also experimenting with Ijarah loans (an Islamic leasing product). For more information on Islamic microfinance, please click here.