Hasson is 36 years old, married, and the mother of six children between 15 and four years old. She started a small business selling fruits and vegetables three years ago, but she has found it difficult to accumulate a large amount of money to buy various kinds of fruits and vegetables because most of the profits she makes go to clothes and food for her family and to expenses like school fees.
Therefore, Hasson decided to apply for a loan of 50,000 YER to expand her business and include new kinds of fruits and vegetables to boost profits. Hasson looks forward to opening a small grocery store in the near future instead of selling her goods in the street. This would attract more customers and improve the family's income and help them pass the poverty line.
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 BankAl-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
8View loans »
Success!! The loan was 100% repaid