Check out some available loans that are similar to this one!
Al-Wafa Group
In this Group: Saidh, Aisha, Afrah, Dlila, Zahra, Afrah , Rabia
This group is called Al-wafa and consists of six ladies who are Saidh, Aisha, Afrah, Dlila, Zahra and Afrah, and one man who is Rabia. Each one has a different business and they live in Sana`a, Yemen. They took a loan of 340,000 YER.

Zahra is 40 years old and is a married woman who has 5 children who lives in Sana`a, Yemen. She has been in the sewing trade for four years. This activity enables her to provide for her own needs and also to help out with the family's expenses. With a view to increasing her working capital to prepare for the festival season, she is requesting a loan of 40,000 YER from AMB to buy fabric products for sewing. Her ambition is to open a large sewing workshop.

Additional Information

More information about this loan

This loan is governed by Islamic lending principles. Because Islamic Law prohibits the charging of interest, Al-Amal is charging 0% interest on this loan. This is a Murabaha loan, which means that Al-Amal purchases goods for borrowers and charges a fee or mark-up. Click here to learn more about this loan type and Kiva's approach to lending in the Islamic world.   

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.

This is a Group Loan

In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.

Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.

About Yemen

  • $2,700
    Average annual income
  • 0
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.6
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A portion of Al-Wafa Group's $1,600 loan helped a member to buy fabrics for her business.
100% repaid
Repayment Term
10 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 12, 2012
Listed
Aug 4, 2012
Currency Exchange Loss:
Possible
Ended:
Apr 17, 2013