Qaid is 71 years old. He lives in a rural area in Sana'a, Yemen. He is married and has seven children. He is a butcher who works hard during the whole day. He has been in business for more than 10 years and gained a sufficiently rich experience to continue his business successfully. His is a small community and he is very kind to customers. He started his business by purchasing goats and sheep. This enabled him to open his small butcher shop. Now he is looking to expand his business selling his products. His aspiration is to provide his children with the best life.
So, Qaid requested a loan of 300,000 Yemeni rials from AMB to buy livestock for his butcher shop in order to expand his business. In the future, he would like to have a farm of sheep and cows in order to improve his living condition.
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.