Adel is 48 years old. He lives in Taiz, Yemen, together with his family group, which is made up of his wife and his four children. Three of them are working.
He has been operating a bakery to which he has been devoted for 20 years, and it is his main source of income. He has worked hard in order to keep his business active and to be able to put the daily bread and pastries on the table at home.
He started his business by working with someone for several years and when he had saved enough money, he opened this business.
His priority is his family and for this reason he gets up very early in order to have the delicious breads, roti and pastries ready for when his customers want them.
He has decided to invest in his business. This is why he is requesting a loan of 150,000 YER from AMB to invest in buying necessary basic supplies wholesale (flour, eggs, sugar, milk, colorants, butter, etc.).
His aim is to satisfy a greater demand in order to improve his sales and, in turn, his income. This would allow him to fulfill his biggest dream, which is to improve his and his family's quality of life.
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.