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Ameen
Ameen is a simple, honest, and very hardworking person. He's 32 years old and comes from a humble family from Sana`a, Yemen. He is married, has 3 children and faces difficult financial challenges. He is a teacher getting a low salary and it is not enough to cover his family's expenses. He accummulated a small amount of money to buy a taxi, so he applied for a loan of 250,000 YER from AMB to cover the purchasing of the taxi to help him provide for his family's expenses. He hopes to improve his living standards and enroll his children in private school.

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
  • 22
    View loans »
    Yemen Loans Fundraising
  • $3,199,950
    Funds lent in using Kiva
  • 214.5
    Yemen Rials (YER) = $1 USD
Paying Back

This loan has been fully funded!

A loan of $1,175 helped Ameen to purchase a taxi to provide for his family's expenses.
87% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 21, 2013
Listed
May 19, 2013
Currency Exchange Loss:
Possible