Munir is a 33-year-old married man with one child. He has been operating a phone accessory business. He has five years of experience in this business and therefore has a great deal of knowledge about the market and the demands of customers. He is a very successful entrepreneur, partly because of his shop's great location in the central bazaar. He started his business with a call center, then he expanded his business to phone accessories.
He is the sole source of income for his family.
He applied for a loan of 300,000 YER from AMB to purchase more products like phones, recharge cards for adding minutes, and chargers, etc., and to diversify the range of goods to satisfy his customers'`demands.
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.