Asmhan is 48 years old, married and has six children. The family lives in Aden, Yemen. Asmhan is focused on her business selling many items like perfumes, clothes, etc. as it is a great help in improving her family’s welfare.
As time passes and her customers' needs grow, she has redoubled her efforts. But for Asmhan focus and hard work aren't enough, so she will use her 70,000 YER portion of the loan to buy additional perfume, clothes, etc. to sell. She hopes to gain more in profits through these goods so as to be able to provide a good living for her family.
About Al-Amal Microfinance BankAl-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.
This is a Group Loan
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Success!! The loan was 100% repaid