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Abdulhamid

Update on Abdulhamid

Abdulhamid is 26 years old and lives in Sana`a, Yemen. He has been running an electrical shop. He has a good relationship with all of his customers. He started his business with a small amount of capital that allowed him to open his business. He said that the key to success as a merchant depends on attracting customers, and choosing stock that applies to their needs.

Abdulhamid wants to expand his business more. So he is applying for a youth loan of 400,000 YER from AMB. He will use the loan to buy electrical parts like lamps, wires, screwdrivers and fans, since his number of customers is increasing. He hopes to continue improving his business and pleasing his customers. He thanks Kiva lenders who supported him in the first loan.

Previous Loan Details

Abdulhamid is 25 years old and lives in Sana`a, Yemen. He is single man. He has been running an electrical shop. He has a good relationship with all of his customers. He started his business with a small amount of capital that allowed him to open his business. Due to bad situations in Yemen, he ... More from Abdulhamid's previous loan »

Additional Information

More information about this loan

This loan is helping support a borrower who is 30 or under. Because many young people lack business experience or established credit histories, it can be even more difficult for them to access financial services. By funding this youth loan, you are expanding opportunity for a young person with limited resources. 

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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Yemen

  • $2,700
    Average annual income
  • 0
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.5
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,875 helped Abdulhamid to buy electrical parts like lamps, wires, screwdrivers and fans for his business inventory.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 16, 2013
Listed
Jul 22, 2013
Currency Exchange Loss:
Possible
Ended:
Jul 17, 2014
This photo was used before for a previous loan for Abdulhamid. It was first posted on Kiva on Jul, 2012. Learn More