Update on Al-Naqeeb GroupThis group is called Al-Naqeeb and it consists of four ladies who live in Hodeidah, Yemen. They applied for a loan of 150,000 YER from AMB.
Salama is a hard working woman. She is married and lives with her family in a poor area. She is the leader of the group. Salama started her business of selling ice cream, perfumes, and incense more than five years ago. She started her business with a small amount of capital. Year by year, her business improves, but most of what she earns in profits goes to the expenses of the family. She has good experience in the business. Thanks to her experience, she deals with her own business with ease. Unfortunately, the income of this business is not enough to cover all the expenses of the family and she wants to improve her business. For this reason, she applied for a loan of 50,000 YER from AMB in order to purchase ingredients such as flour, sugar, and tongs to make ice cream and resell it. She also wants to purchase more perfumes and incense to resell for her customers.
Salama looks forward to opening a small store to sell ready-made clothes in order to improve the condition of her family.
Previous Loan DetailsThis group is called Al-Naqeeb which consists of 4 ladies who live in Hodeidah, Yemen. They have requested a loan of 150,000 Yemeni Rial. Jabra is a mother of five children. She has been selling ice cream in order to help her family with their basic requirements. Jabra started her business by... More from Al-Naqeeb 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
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
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Success!! The loan was 100% repaid