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Bazl

Update on Bazl

Bazl is 28 years old and lives in Sana'a, Yemen. He is a hardworking man who devotes the whole day to this business to help his family. He has been operating a spice store for many years. He feels that his business is reasonably profitable, based on the earnings it provides. He generally sells everything that he has to offer.

He intends to expand his business and stock it with food products. For that reason, he has applied to Al-Amal Microfinance Bank for a youth loan of 200,000 Yemeni rials to buy spices and other items, such as oils, sugar, rice and cookies. This is his second loan from Kiva. He says he has benefitted from the first loan and he hopes to open more spice stores to improve his income.

Previous Loan Details

Bazl is a 28-year-old single man who lives in Sana'a, Yemen. He is always alert to needs and has worked really hard over the past three years in his small store which is located in the city. He decided to open his spice store because he noticed that there wasn't one in his area. This is one of t... More from Bazl's previous loan »

Additional Information

More information about this loan

This loan is helping support a borrower who is 30 or under. Because many young people lack business experience or established credit histories, it can be even more difficult for them to access financial services. By funding this youth loan, you are expanding opportunity for a young person with limited resources. 

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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Yemen

  • $2,700
    Average annual income
  • 8
    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 loan of $950 helped Bazl to buy oils, sugar, rice, spices, cookies, soda and many other items for his business.
100% repaid
Repayment Term
9 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 29, 2012
Listed
Oct 19, 2012
Currency Exchange Loss:
Possible
Ended:
Apr 17, 2013
This photo was used before for a previous loan for Bazl. It was first posted on Kiva on Mar, 2012. Learn More