Saada is from Hodiedh, Yemen. She is 35 years old and is a married woman. She is the only provider in the family. She started her business because it was a good way to make money, as she needs to provide for her family. She has been selling clothing and perfumes for four years. She has accumulated good experience in this field and a good reputation in her local community.
She is requesting a loan of 60,000 Yemen Rials (YER) from AMB to buy clothing, perfumes, etc. She states that this loan will be of help because she will be able to buy varied merchandise to invest in her clothing business. This will increase her sales, generating greater earnings at the same time. She has future plans of making improvements to her house to have a better standard of living.
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 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
Loan tags help lenders find loans that match certain areas of interest. You can add up to 5 tags for this loan.
0View loans »
Success!! The loan was 100% repaid