Naseem is a 27-year-old married woman with three children. Her oldest child is ten years old and the youngest one is one year and a half. She is the leader of the group. Despite her miserable conditions, she didn't surrender to her condition, but she decided to help her husband with the expenses of the family.
Three years ago, Naseem started up her business as a door-to-door seller. She started her humble business by buying children's clothes in her area, but this business needs a lot of money in order to purchase more stylish clothes for the children and cosmetics and accessories. The money which she accumulates is not enough for that and most of what she earns goes on the expenses of her family. For this reason, she applied for a loan of 30,000 YER from AMB in order to purchase children's clothes and accessories.
Naseem looks forward to expanding her business by buying more children's clothes. Her dream is to support her family with a lot of money.
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
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Success!! The loan was 100% repaid