Talal is 33 years old, a single man who lives in Sana'a, Yemen. His educational background is Bachelor's degree. He is cheerful and a hardworking man. He worked in a welding workshop, then he expanded his business and opened a workshop for building prepared houses.
Every day, he gets up with his characteristic optimism and cheerfulness in order to work at his business. Due to the shortage of financial resources, he requested a loan of 200,000 YER from AMB to buy iron to make prepared houses. With this loan he will be able to offer a greater variety of houses and rents for his customers. This way he will continue struggling every day to become a famous for his work.
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.