Check out some available loans that are similar to this one!
Mahfooz
Mahfooz is 33 years old, married and the father of five children, most of whom are in primary school. He lives in Taiz, Yemen. He is a food distributor selling fruits and vegetables using his rickshaw. He is very friendly, hardworking and enthusiastic, and he makes every effort to come out ahead. This business is the only source supporting him and his big family.

Mahfooz took out a loan of 100,000 YER from Al-Amal Microfinance Bank in order to purchase enough fruits and vegetables to meet the demand of his clientele, since this will bring more profit to him and his family's conditions will improve accordingly. This loan will allow him to build a good relationship with his clientele by serving their needs.

Additional Information

More information about this loan

This loan is governed by Islamic lending principles. Because Islamic Law prohibits the charging of interest, Al-Amal is charging 0% interest on this loan. This is a Murabaha loan, which means that Al-Amal purchases goods for borrowers and charges a fee or mark-up. Click here to learn more about this loan type and Kiva's approach to lending in the Islamic world.   

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

  • $2,700
    Average annual income
  • 31
    View loans »
    Yemen Loans Fundraising
  • $3,141,950
    Funds lent in using Kiva
  • 214.9
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A loan of $475 helped Mahfooz to purchase enough fruits and vegetables to meet the demand of his clientele.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 11, 2013
Listed
Jan 6, 2014
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2014