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Om-Obady Group
In this Group: Yaghot, Elham, Nagla, Huda

Update on Om-Obady Group

Om-Obady Group is a four-member group of women, from Taiz, Yemen. They have asked for a YER 260,000 group loan from Al-Amal Microfinance Bank (AMB).

Nagla, the leader of the group, is a 39-year-old, married woman, with children. She is uneducated and doing her best to raise her children, as well as educating them.

Her house is very old and needs some basic renovations in order to build two rooms. In the first loan, Nagla started the renovating of her house.

In this loan, she wants to buy bricks and cement to complete the building of her two extra rooms. She hopes that, after the completion of the building, she will feel safe in her house with her family. All group members thank Kiva lenders for financing the first loan.

Previous Loan Details

Om-Obady is a group which is comprised of four women who are from Taiz, Yemen. They took a loan of 200,000 YER. Nagla is 38 years old, married and has nine children. She owns a house and would like to live in comfortable conditions. She is requesting a loan of 50,000 YER from AMB to buy… More from Om-Obady Group's previous loan »

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.

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.

This is a Group Loan

In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.

Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.

About Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

Tags

About Yemen

  • $2,700
    Average annual income
  • 29
    View loans »
    Yemen Loans Fundraising
  • $3,135,375
    Funds lent in using Kiva
  • 214.8
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A portion of Om-Obady Group's $1,225 loan helped a member to buy bricks and cement to complete building two rooms in her house.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 16, 2013
Listed
Dec 20, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2014