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Fares
Fares is a 24-year-old, single man living in Sana`a, Yemen. For two years now he has worked as a driver for a company. He is the head of his household, so his income helps cover his expenses, such as food and other living essentials. He strives to support himself and his family.



He has been saving money to buy a car, but he has insufficient capital to do so. As a result, he is requesting a youth loan in the amount of 350,000 YER from AMB to buy a taxi, which will help him cover his daily expenses. He explains that he needs Kiva's support because he has great aspirations to improve his and his family's living conditions.

Additional Information

More information about this loan

This loan is helping support a borrower who is 30 or under. Because many young people lack business experience or established credit histories, it can be even more difficult for them to access financial services. By funding this youth loan, you are expanding opportunity for a young person with limited resources. 

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 $1,650 helped Fares to more easily cover his living expenses by purchasing a taxi.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 26, 2013
Listed
Mar 29, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 17, 2014