Khadija is 39 years old, a married woman who lives comfortably with three of her children in Sana`a, Yemen. She is a hard-working woman with strong ambitions to move forward in life and to be happy.
She has been operating a beauty salon that provides more generalized services related to skin health, facial aesthetics, foot care, even meditation and other services. She acquires all needed items on regular trips to the capital. She serves her customers with a very friendly and amenable manner which means they are loyal to her and recommend her to others, increasing her customer base.
She started her business with a small amount of capital provided by her father until she was able to be a professional hairdresser. Now she has been working alone. She describes her business as profitable, as it provides her with good earnings, and she is able to sell all her products.
Due to her desire to generate her own income, Khadija requested a loan of 150,000 YER from AMB to invest in buying a variety of cosmetic creams, shampoo and make-up, artificial hair and combs.
In the future, she dreams that her business will continue to provide income in order to help her family with the household income, and in that way, provide a better quality of life. She also dreams of having a big store where she could hire many girls who are in need of work over there.
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.