Ahmed is 31 years old, married and the father of four children who live in Aden, Yemen. His educational background is Bachelor of Commerce.
Ahmed is very hardworking. With much great effort and dedication, he managed to save money and forge his business, which today is a general store. He works around 12 hours daily. He said that without sacrifice, there is no reward and if one wants to get ahead, you have to do what you can. He believes that his business is going well because his family is his best motivation. Additionally, they are very close and all cooperate in order to move forward. Due to the bad situation in Yemen, his business is unable to increase profits as he did previously, so he applied for a loan of 100,000 YER from AMB to buy more merchandise such as soft drinks, breads, chocolates, eggs, beans and milk to be able to offer a wider variety of products. With this loan, he will be able to have increased profits in order to achieve his goal.
In the future, he hopes to give his profession to his children and better the quality of life for his family.
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.