Khalil is a person who has had to overcome many adversities in his life. In spite of these, his desire to work and get ahead has allowed him to triumph over the difficulties. Heis a married man and has three children who live in Ibb, Yemen.
During a great part of his life, he has worked. Thus, he has been operating a toy store for four years. His store has generated the necessary income to sustain his home and to be able to offer his children a good education, owing to the fact that the store has been growing at a good rate. He is requesting a loan of 100,000 YER from AMB to buy toys like dolls.
He hopes that a loan will offer the possibility of purchasing more products so that he may continue to offer a good variety of merchandise to his customers.
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.