Hana is 28 years old, widowed and a mother of only one child. She lives in Aden, Yemen. She started her call center business using her own capital. She introduces phone services and sells mobile recharge cards to meet the demands of her clients. She asked for financial assistance because her household expenses are continually increasing due to the needs of her growing child. She is facing a financial shortage. Therefore, she was encouraged to borrow additional capital. She took a loan of 100,000 YER from AMB, which she will use to purchase mobile recharge cards and phone charging to sell to her customers and to develop services for her business. In the future, she hopes to be a high merchant in order to buy a phone accessories store and to earn an increased income, which will enable her to pay her obligation in school and some of her household expenditures.
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.