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Faisal
Faisal is a hardworking and kind man. He is a 52 year old who lives in Sana`a, Yemen. He is married with six children. Faisal's family live happily together, but they are poor. He is an employee in the water & environment ministry. He lives in a rented house and his salary is less than what he needs to cover household expenses and pay for rent. He intends to buy furniture and home appliances to use for the house but he doesn`t have enough money to buy what he needs. So, he is asking for a loan of 450,000 YER from AMB to buy furniture and home appliances. This loan will help this good man to make his family happy. He hopes to improve the family's living conditions.

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
  • 8
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.7
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,100 helped Faisal to buy furniture and home appliances.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 9, 2013
Listed
May 12, 2013
Currency Exchange Loss:
Possible
Ended:
Sep 17, 2014