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Aref
Aref is 33-years-old, a married man and has six children who live in Sana`a, Yemen. He works in the education ministry earning a low salary. He is smart man who thinks that his salary is not enough.

Aref has been running a small call centre, established in house for eight years. He strives hard to meet his family's demands. He started his business with small capital provided by his father. Recently, his customers are small because of he would like to expand his business to offer for his customers what they need. So, he has applied for a loan of 300,000 YER from AMB to buy phone accessories and recharge cards to increase his profit. He would like to buy a taxi to improve his living standards.

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
  • 214.9
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,400 helped Aref to buy phone accessories and recharge cards to use for his business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 13, 2013
Listed
Apr 25, 2013
Currency Exchange Loss:
Possible
Ended:
May 21, 2015