Mansour is 41 years old, a married man, and he has six children. He lives in Taiz, Yemen. When he formed his family, he decided to look for an independent activity which would give him enough income to support the welfare of his house. That is how he started his business adventure with working in a store selling scrap. So, with the income, he bought a store and set up an aluminum workshop in a strategic area.
His business has gradually grown, thanks to his great work capacity, discipline, and responsibility. He is able to attract his customers because he is a professional at making different shapes of windows in aluminum. Presently he is applying for a loan of 100,000 YER from AMB to buy varied items of aluminum which will allow him to expand his business. His investment will be successful because he has a lot of experience.
In the future, Mansour hopes to expand his business to have another aluminum workshop in order to 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.