Hazam is a 53-year-old married man and the father of two children. He lives in Taiz, Yemen. He has completed primary school only.
He has been running his own little business, a restaurant, since 2009. It is the only main source of his income.
Earlier in his life, he was a chef in several restaurants, cooking different kinds of food. After collecting enough money and also with his family supporting him, he opened this restaurant.
His business is located in the middle of town and he is looking to increase the range of products he offers to his customers so that it becomes more pleasant for them to eat and drink in his restaurant. When the revolution came up between government and citizens, however, people moved back to their villages, and his clients became less. So he took out a loan of 200,000 YER from AMB in order to purchase more products such as tables, chairs, foods and soft drinks for his business.
In the future, he plans to expand his business and offer better services for his clients so that he can 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.