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Ameen
Ameen is a 38-year-old man who lives with his family in Sana`a, Yemen. He is the father of five children, all of whom are studying at a government school.

Ameen has been running a water pump shop at the market. This shop is the only source of income for his family, but the income he makes is not enough to fulfill his family's needs. Ameen is a very hardworking, honest and responsible shopkeeper, father and husband.

Presently he needs to purchase pipes to use for his business. Ameen has requested a loan of 199,999 YER from AMB. This will help him to increase his net income and savings. He wishes for the successful future of his children.

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
  • 26
    View loans »
    Yemen Loans Fundraising
  • $3,213,575
    Funds lent in using Kiva
  • 214.8
    Yemen Rials (YER) = $1 USD
Paying Back

This loan has been fully funded!

A loan of $950 helped Ameen to purchase pipes to use for his business.
91% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 17, 2013
Listed
May 6, 2013
Currency Exchange Loss:
Possible