Moath is 35 years old, married and has six children who live together in Taiz, Yemen. He is a very hard working, modest young man. Above all, he is very optimistic. He has been operating a grocery store for four years. With much effort, and especially through saving, he managed to start his business by having an amount that enabled him to open his business. His goal is to increase his capital and get more profit, so he applied for a loan of 100,000 YER from AMB to buy grocery items like candies, juices, mineral water and other items. He believes that his business is doing well because he has a lot of faith in God. This is why he has work. This way he will be able to improve his income and improve the quality of life for his family. This way he will keep struggling every day to succeed and to realize his greatest dream, which is "To have his own house.
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.