Sabah is the leader of group and she lives in Aden, Yemen. She is 49 years old. She has been selling different things as a business for three years. She is married and has two children.
She started her clothing business by saving money and then she went ahead to operate her business well. She puts forth a lot of effort to increase her profit, so that she can apply it to her family`s needs.
Sabah applied for a loan of YER 50,000 from Al-Amal Microfinance Bank (AMB) to buy goods for her business, such as clothes, ladies' fabrics, and incense. She hopes to expand her business and to enroll her children in private schools.
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