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Ayman Group
In this Group: Mona, Hamida, Tamnia
The Ayman group consists of three poor women from Taiz, Yemen. They asked for a loan of 120,000 YER from AMB to purchase clothing and cosmetics for resale.
Hamida is a 42-year-old uneducated married woman with six children. She is a door-to-door salesperson. She has been selling women's and kids' clothing, perfumes, and incense for about a year. Her business makes a good profit, so she intends to buy more products to cover the increasing demands from her clients and to target new clients; therefore, she applied for a loan of 40,000 YER. Hamida looks forward to sending her children to schools and universities to be able to make their own futures.

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

  • $3,900
    Average annual income
  • 0
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.1
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A portion of Ayman Group's $575 loan helped a member to pay for clothing and cosmetics for resale.
100% repaid
Repayment Term
13 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 31, 2012
Listed
Feb 1, 2013
Currency Exchange Loss:
Possible
Ended:
Oct 22, 2013