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Mohammed
Mohammed is a 51-year-old married father of five children. He lives in Sana`a, Yemen. His educational background is a bachelor's. He has a grocery store where he sells food and daily home requirements. He became involved in his business three years ago and it is the only source of income for him and his family. Recently, Mohammed's business has faced financial challenges leading to a decrease in his profit. He has stopped providing people's requirements because of the current bad situation that Yemen has been facing. He is requesting a loan of 400,000 YER from AMB in order to purchase grocery goods to continue supplying clients' requests. In the future, he is planning to expand his grocery to become a supermarket, and to buy a car.

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
  • 29
    View loans »
    Yemen Loans Fundraising
  • $3,141,950
    Funds lent in using Kiva
  • 214.6
    Yemen Rials (YER) = $1 USD
Paying Back

This loan has been fully funded!

A loan of $1,875 helped Mohammed to purchase grocery goods to continue supplying clients' requests.
79% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 21, 2013
Listed
Jun 1, 2013
Currency Exchange Loss:
Possible