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Abu Al-Fadl

Update on Abu Al-Fadl

Abu Al-Fadl is 37 years old, married and the father of seven children, most of whom are in primary school.

Abu Al-Fadl is a food distributor to small groceries. He purchases food and other simple goods from big producers and distributes to small groceries in Sana'a, using a tricycle to carry goods. He is a hardworking man.

He applied for a loan of 150,000 YER from AMB to buy more goods to cover the demand of his clients/groceries. This loan is the second loan which will be funded by Kiva. Abu Al-Fadl thanks Kiva for financing him in the first loan because he made more profit and he intends to enlarge his business.

Previous Loan Details

Abu Al Fadl is 36 years old, married and the father of seven children, most of whom are in primary school. In his childhood, he could not go to school because nobody was there to support him. Abu Al Fadl is a food distributor to small groceries. He purchases food and other simple goods from big… More from Abu Al-Fadl's previous loan »

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.

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
  • 29
    View loans »
    Yemen Loans Fundraising
  • $3,135,375
    Funds lent in using Kiva
  • 215.5
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A loan of $700 helped Abu Al-Fadl to purchase goods from producers to distribute to small groceries.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 13, 2012
Listed
Jan 1, 2013
Currency Exchange Loss:
Possible
Ended:
Jan 17, 2014
This photo was used before for a previous loan for Abu Al-Fadl. It was first posted on Kiva on Dec, 2011. Learn More