Anisa is a 45-year-old married woman who has seven children. She lives in Taiz, Yemen. To be able to generate the earnings that she needs, she decided to make incense at home to sell as a street vendor. She currently spends about five hours each day walking around under the intense sun in the city in order to sell incense. She is able to make a profit. She is always thinking about being able to increase her customers, and for a long time, has been offering them friendly service so that they will buy from her again. She has requested a loan of 80,000 YER from AMB in order to expand her business by buying perfumes and tools for incense, which will increase her profit. In the future, she hopes to have a cosmetic shop in addition to this business.
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.