He has been operating an electrical workshop for 14 years. He has employed two workers who assist him in his business and offer services to customers.
Wajdy is an orphan who grew up with his uncle and learned from him the work of electricity. He provides services for a living and is proud of the good work being carried out.
Now he has the idea of being able to make some finishes on his house so that he can improve his quality of life. He knows that seeing his house much more beautiful will make him feel much more motivated in a better environment with his children. It is for this reason that he is requesting a youth loan of 100,000 YER to buy electrical spare parts for his business in order to fix different cars of his clients.
He hopes his family can confide in him and help him to improve as a person.
Wajdy dreams of investing in a much larger business in order to improve his living conditions and buy a car.
More information about this loan
This loan is helping support a borrower who is 30 or under. Because many young people lack business experience or established credit histories, it can be even more difficult for them to access financial services. By funding this youth loan, you are expanding opportunity for a young person with limited resources.
About Al-Amal Microfinance BankAl-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.
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Success!! The loan was 100% repaid