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Al-Akrm Group
In this Group: Amnh, Nadrh, Ashgan, Fatima, Najah
This group of entrepreneurs call themselves “Al-Akrm.” They are five members who know each other and live in Aden, Yemen.

Fatima is 55 years old. She is a married woman and has eight children who live in Aden, Yemen. She has been selling cosmetic materials, perfumes and incense. She loves her business.

She started her business by taking the first loan from AMB to buy cosmetic material, then selling to her area, and the result has been very favorable, Now, she took a second loan of 80,000 YER (Yemen rials) to buy cosmetic materials, perfumes and incense. This motivated her to commit to this group of enterprising women to acquire a loan that will allow her to expand the variety of products and increase merchandise she has on sale at present. She trusts that this investment will continue producing dividends and benefits that will lead to a better quality of life for her.

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
  • 29
    View loans »
    Yemen Loans Fundraising
  • $3,141,950
    Funds lent in using Kiva
  • 214.3
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A portion of Al-Akrm Group's $1,875 loan helped a member to buy cosmetic materials, perfumes and incense.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 16, 2012
Listed
Nov 2, 2012
Currency Exchange Loss:
Possible
Ended:
Nov 17, 2013