Update on BashirBashir is 31-year-old engaged man living with his family in Sana'a, Yemen. He graduated from the college of pharmacy and now works as a pharmacist. At first he was working as a pharmacist in one of the pharmacies in the capital, Sana'a city, to look after his family. He couldn't accumulate enough money from his salary to start his own business, so he decided to sell his mother's jewelry in order to begin his own business, and after a time to open his own pharmacy. He started his own business two years ago.
Bashir earns good profits, but he faces the hardship of inadequate capital to meet the high demands of the patients. He warmly thanks Kiva lenders who helped him with his first loan. That loan helped him very much in developing his business and purchasing more medical requirements. His profits also increased since he become able to meet the demands of different types of customers.
After he successfully repaid all the installments on his first loan, he is now requesting another loan to expand his business more by purchasing more medical requirements. His dreams are to diversify his business and start up a big pharmacy. For this business, Bashir applied for a loan of 300,000 YER from AMB. He will use this loan to buy more medical requirements and medicines.
Bashir looks forward to improving his business and expanding it more, as well as opening a branch in the capital city. He hopes to get married soon.
Previous Loan DetailsBashir is a very hardworking man who is very responsible with his daily activity. He’s 27 years old and lives with his parents in Sana`a, Yemen. He has been operating a pharmacy that allows him to meet household expenses. This is his only source of income. He has attracted more clients due to his... More from Bashir'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
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.
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Success!! The loan was 100% repaid