This is Wadea, 33, a resident of Sana`a, Yemen. He is married and a father of two children. He manages their household while operating his business. He is working hard to continually provide income for his family's everyday expenses.
Wadea operates a pharmacy. He earns by getting medicines from different companies and selling by the packet. He started his business by working as an employee in a company which enabled him to open his business. He requested a loan of 100,000 YER from AMB to buy medicines for his business.
Wadea hopes to grow his business in the coming years and dreams of being able to give his children a good and high quality education through all his hard work on his business.
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.