Om Khalid Group
Mariem is the group leader. She is 46 years old and a widow who lives in Sana`a. (She is in the middle with her face not covered.) She has two children; the older is 32 years old and the younger is 11 years old. She has been operating a business of clothing sales for over five years.
For the past five years she has been contributing to the family’s income by working from home, using her business. She works very hard to improve the future for her children; she is happy to work from home and is always looking for ways to provide new and better services to her customers. She achieved a part of her goal, looking after her older son since she helped her son to study till he completed his university degree and now she wants have her daughter study in school.
She requested a loan of 50,000 YER from AMB which she will use to buy dresses, robes, fabric, and raw materials so that she can provide her customers with a wider selection and better quality product.
In the future, Mariem dreams of saving money in order to open a new store to sell clothes in that will ensure she can continue working and have a good professional career.
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.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid