Update on Al-Khir GroupAl-Khir is a three-member group from Hodeida, Yemen. All the members are women. Amima is 34-years-old. She works very hard and does her best to provide her family with food and clothes. She started going to door-to-door selling perfumes, incense and clothes. She intends to expand her business. Therefore, she asked for a loan of 20,000 YER to buy clothes, perfumes and incense to resell. She hopes that she earns profits from buying a lot of products and selling them to new clients in different quarters and places in her city.
Previous Loan DetailsThe Al-Khir group is made up of four women who have applied for a loan of 110,000 YER. They live in Hodeidah, Yemen. One year ago, the 26-year-old Amima began her business by selling perfumes, incense and clothes door-to-door. She has applied for a loan to buy more perfumes, incense and clothes t... More from Al-Khir Group's previous loan »
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.
Concurrent and Successive Loans
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Success!! The loan was 100% repaid