Yaseen is a 35-year-old man with two children. He works hard to offer his family the best. For this reason, he has been operating all day in his grocery store. He lives in Taiz, Yemen.
He works an average of 13 hours per day. During this time, he tends to his customers, who all live nearby. He believes that his business is a success because he always offers the lowest possible prices. He knows that good prices are a crucial aspect of customers' purchase decisions.
He applied for a loan of 200,000 YER from AMB to be able to buy new freezer and beans, soft drinks, etc. This will allow him to improve the way in which he displays the products in his store. He knows that this investment will mean that his customers will be better able to see his products. With the new income from this investment, he hopes to have a supermarket.
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.