One day he decided to open his own grocery store where he sells basic staple items and thanks to this he contributes to his home’s income. Because he set up the store with very little capital, Ibrahim does not have sufficient money so he can’t offer his customers more products that need to be kept. Because of this, he is requested a youth loan of 250,000 YER from AMB to be able to buy soft drinks and canned foods to increase the variety of items he offers his customers.
Ibrahim hopes that in this way his customers will find his store still more attractive thus increasing his sales considerably. Also, he hopes that with higher income his family will be able to enjoy a better quality of life. He dreams of having a large grocery distributorship where he can generate employment for people most in need.
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