Mohammed is a 31-year-old, married man, and a father of two children. They live in Ibb, Yemen. He is a doctor of pharmacology science. He has been operating a pharmacy for a few months. He started his career by training in another pharmacy in order to get more experience, then trying to get a job. He strove as much as possible to get a job in a company, and then he tried to accumulate money with which to open his own pharmacy, but unfortunately he couldn't. He took a loan of 200,000 Yemeni Rial (YER) from AMB. He is using the loan in order to supply his business with good medicines and keep his customers coming back. In the future, he would like to expand his business and open another pharmacy.
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.