He has a grocery store, where he sells various products. His objective is to improve his family’s standard of living, in order to offer them better alternatives for progress.
He has spent five years working in business. He didn`t complete his studies, due to the bad situations he faced and nobody tried to help him to continue his studying.
He started his business by buying a small plot of land to establish his own grocery store. Most recently, he describes his biggest business challenge as the delay of payment from his customers. So, he is asking for a loan of 500,000 YER from AMB to buy more grocery products to offer more variety to his clients, in order to always cover the delay of payment from his customers and thereby generate more income for his family.
He is hoping that he can provide his children with opportunities to study and he hopes to expand his business so that it can continue to grow even more.
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.
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Success!! The loan was 100% repaid