He completed secondary school only. He is a carpenter. He has been operating a carpentry shop for 13 years, which is his principal source of income. In the beginning, he inherited this business from his father and become the unique successor in his family. He is an incredibly hard-working man and, as a result, has a lot of experience. Through lots of effort, he has managed to make cupboards and doors, which provide him with the income necessary. Due to the bad situation in Yemen, he suffers from increasing prices from the market where he purchases wood.
Moharm took a youth loan of 150,000 YER from AMB in order to purchase Carpentry equipments which will increase the sales for his business.
In the future, he hopes to expand his business to have a construction company so he can import and export woods around the provinces of Yemen and he hopes to get married.
More information about this loan
This loan is helping support a borrower who is 30 or under. Because many young people lack business experience or established credit histories, it can be even more difficult for them to access financial services. By funding this youth loan, you are expanding opportunity for a young person with limited resources.
About Al-Amal Microfinance BankAl-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.
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