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Fahmy
Fahmy is 32 years old, a married man who has three children and who works hard, has a bright future ahead of him and dreams of seeing his business established. He lives in Taiz, Yemen.

This business is a grocery store where he sells groceries in general. He's determined to get ahead and he's dynamic as far as his business goes. It is visited by many customers due to the owner's friendliness and the variety of merchandise available in the store, which has been open for many years.

He currently needs to get a loan, because he needs capital in order to stock up his business with various products demanded by his customers. He intends to keep his customers satisfied and therefore expand his clientele, which is his main goal.

He wishes to get a loan of 200,000 YER from AMB in order to buy canned foods and soft drinks. That way he'll increase his profits so he can support his family and cover household expenses.

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.

About Yemen

  • $3,900
    Average annual income
  • 0
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.0
    Yemen Rials (YER) = $1 USD