Mohammed is 46 years old and a married man who has 8 children. He lives in Sana`a, Yemen. He emigrated from KSA (Saudi Arabia), where he was working in a business store. The main benefit being that he will succeed in starting his activity once again and that he will consequently be able to earn money for his family, on top of continuing working, something he likes very much. He sells clothes.
He is a very hardworking and resourceful man, as he always looks for ways to earn money in order to help paying for his family’s expenses. He applied for a loan of 300,000 YER from AMB to buy clothes like shirts and pants, etc. for his business. He hopes to buy a car and a house.
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.