Saeed is 37 years old and married with four children. He lives in Ibb, Yemen, and runs an iron welding workshop to earn a living. He has been in the business for three years and has employed two people. He started working ten years ago, as an employee on a daily cash wage with someone who has the same business. Then he worked hard to save money until he was able to open his own welding workshop.
Saeed describes his business environment as good because he is visited regularly by his customers. He has been able to improve his business. He has applied for 220,000 YER from AMB in order to buy a generator for his business that works when the power is off.
In the future, he hopes to have an aluminum workshop so that his profit will allow him to improve his living conditions.
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.