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Ali
Ali is 47 years old. He is married and lives in Ibb, Yemen. He has six children. He is determined to overcome challenges to help his family to get ahead. He is currently operating a clothing store. He knows how to deal well with his customers. So he always tries to purchase clothes so that his customers will feel happy and will be able to recommend him to others. He is doing all he can to provide his family with a good quality of life.

Ali applied for a loan from AMB to buy shirts, pants, dresses, blouses, etc., so that he can increase his profits. He hopes to expand his business to improve his living conditions.

Additional Information

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.

Tags

About Yemen

  • $3,900
    Average annual income
  • 0
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.8
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A loan of $950 helped Ali to buy clothing (shirts, pants, dresses, blouses, etc.) for resale.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 10, 2013
Listed
Nov 16, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2014