Badr is 30 years old, married and has five children who live together in Taiz, Yemen. He has always been characterized by being a person who very much wants to get ahead and this has allowed him to overcome the great diversities life has presented him.
He has been operating a grocery store for six years. At first, his father provided him with capital and then he went ahead and bought land, opened a gas cylinder store and bought a truck. He’s currently in a store selling all kinds of basic grocery items.
Aiming at increasing the variety of products he offers his customers, Badr is looking for a loan of 250,000 YER from AMB. This will give him the possibility of buying basic staple items such as soft drinks, sugar, mineral waters and canned food to offer greater variety to his customers. He would like to expand his business and build a house.
In this way, he hopes his business will grow and consolidate within the sector and that his customers will find good service and a wide variety of products in his store. Badr hopes his store will generate higher income so that he can offer his family a better quality of life.
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.