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Fadi
Fadi is a 29-year-old married man and the father of one child. He lives in Ibb, Yemen. He owns a pharmacy, having completed his studies and earned his diploma. He found it difficult to accumulate enough money to start up his pharmacy, because most of the profit he makes goes to meet his family’s expenses. Therefore, he decided to apply for a youth loan of 100,000 YER to expand his business, and to include new and different kinds of medicines to boost his profits. He looks forward to opening a big pharmacy, which will attract more customers, which will, in turn, result in improving his income.

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.

About Yemen

  • $3,900
    Average annual income
  • 0
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.3
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A loan of $475 helped Fadi to buy new and different kinds of medicines for his pharmacy and thus to boost his profits.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 21, 2013
Listed
Mar 16, 2013
Currency Exchange Loss:
Possible
Ended:
Apr 16, 2014