Abdulrqib, aged 55, is a married man and has children aged 25 and 28 years who live together in Sana`a, Yemen. He dreams of seeing them become successful individuals.
He has been operating a laundry for many years. Initially he only had a small amount of working capital with which to make volume purchases, earn discounts and respond to his customers in a timely manner. Then his business became more profitable bit by bit, because he gradually expanded his business by purchasing laundry machines in order to offer good service for his customers. He has a lot of experience washing and ironing clothes.
He is currently applying for a loan of 300,000 Yemeni Rial (YER) from AMB to buy a new steam iron for his business. In the future, he would like to expand his business to open other laundries.
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.