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Rihab
Rihab is 44 years old, married, and has five children who attend school. She is a very efficient woman because aside from caring for her family, she likes to work and thus help her family. Her business is selling clothes, which has been her sole source of income for over five years. She started her business selling articles of clothing in the market in her area with limited capital. At the present time, her business does not make a big profit due to the difficult situation in Yemen.

Rihab is requesting a loan from AMB for 150,000 YER, which she will use to purchase articles of clothing such as dresses, shirts, pants, skirts, etc. The loan will give her the opportunity to improve the income from her business. In the future, she would like to open clothing store to increase her profit. She hopes that all her children will be able to conclude their studies.

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

  • $2,700
    Average annual income
  • 0
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.5
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A loan of $700 helped Rihab to purchase articles of clothing such as dresses, shirts, pants, skirts, etc.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 6, 2013
Listed
Apr 18, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014