Ali is 37 years old and is from Sana`a, Yemen. He’s married and has two children. He has been operating his bookshop for two years, after he decided to become independent and looked for a way to earn income for his family. This is his first business. He does not have help from anyone else; he runs his business by himself. He also has other income that he generates by himself by running a call center. His plan is to expand his business.
He’s asking for a loan of 100,000 YER to buy books, paper, and other bookshop items. He feels this loan will help him to increase sales as well as his income.
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.