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Haqat Group
In this Group: Alia, Mriam, Hana, Miada

Update on Haqat Group

This group is called Haqat and consists of four ladies who live in Aden, Yemen. Miada is 31 years old and lives with her family. For many years, she has sold ladies clothes, incense, and other goods. Miada is experienced in sales which allows her to earn a better income. She works hard to offer a good life for her family. Miada has a regular customer base that prefers her quality, affordable prices, and good service. She is a resourceful and honest woman who is dedicated to her work.

Haqat Group is requesting a 240,000 YER loan from AMB. Miada will use her 70,000 YER portion of their loan to buy clothes, incense, and perfume for her business. She thanks Kiva lenders for financing her previous first loan.

Previous Loan Details

Haqat Group is located at Aden, Yemen and consists of 4 ladies. 30-year-old Miada is a mother of 2 children who works very hard, going door to door selling various products such as cosmetic materials, incense and clothing. A previous loan helped her to start her business, but because she has made... More from Haqat Group's previous loan »

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.

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.

Tags

About Yemen

  • $2,700
    Average annual income
  • 25
    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 portion of Haqat Group's $1,125 loan helped a member to buy ladies and children's clothing.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 12, 2014
Listed
Jan 15, 2014
Currency Exchange Loss:
Possible
Ended:
Feb 17, 2015
This photo was used before for a previous loan for Haqat Group. It was first posted on Kiva on Feb, 2013. Learn More