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Mohammed
Mohammed is a 33-year-old married man who has five children. They live in Sana'a, Yemen. He is a doctor and earns a small salary which is not enough to cover all the family's needs.

Mohammed had an accident which dis-enabled him to continue his career for a period. He believes that nobody will lend you money if you stay at home, so he is forced to continue his work in order to provide for his family. He is requesting a 175,000 Yemeni rial loan from AMB to help cover the cost of purchasing new living room furniture in order to improve the living conditions in his house. Taking out this loan will allow him and his family to have comfortable furniture so they can enjoy living in their house.

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
  • 14
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.5
    Yemen Rials (YER) = $1 USD
Paying Back

This loan has been fully funded!

A loan of $825 helped Mohammed to cover the cost of purchasing new living room furniture in order to improve the living conditions in his house.
95% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 29, 2013
Listed
May 18, 2013
Currency Exchange Loss:
Possible