Walid is a 40-year-old man. He is married and a father of seven children. He lives in Sana`a, Yemen. His educational background is a Bachelor's degree. His business is in a high traffic area which makes it a main source of income.
Waid started working in a clothing centre in the biggest international market of the city. Two years ago, he bought a small store for selling clothes which has been a profitable project. He already attracted numbers of regular customers and improved the family's income. The business has been successful in the most recent years. Therefore, he is planning to expand the business.
So Walid is requesting a loan of 100,000 YER from AMB to buy women`s merchandise, such as fabrics, pants, and skirts to stock his business and thus increase his income and have more customers to whom he can offer a wider range of clothes. This investment will enable him to compete with others well and expand his business.
In the future, Walid hopes to have big clothing sales to increase his profit and improve his living conditions as well as buy a car which will facilitate his work.
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.