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Om Hasen Group
In this Group: Mona, Amrya, Hameda, Nojod
This group is called Om Hasen. It consists of four women from Sana'a, Yemen. They applied for a loan of 200,000 YER from AMB.

Hameda is 32 years old and a mother of four children. Her oldest child is 13 years old and the youngest one is 3 years old. Hameda works as a tailor. Her business was set up in her place of residence 8 years ago. She sews all kinds of clothes for the people in her area. She is very detail-oriented and does very good work. This allows her to have the loyalty of many customers, friends, and neighbors.

She earns good profits from this business, but most of what she earns goes to the expenses of the family. Hameda wants to improve her business but she doesn't have enough money for that, so she is asking for a loan of 50,000 YER from AMB to purchase more sewing materials in order to expand her business. She looks forward to providing her children with a secure future.

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.

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.

About Yemen

  • $2,700
    Average annual income
  • 18
    View loans »
    Yemen Loans Fundraising
  • $3,200,700
    Funds lent in using Kiva
  • 214.9
    Yemen Rials (YER) = $1 USD
Paying Back

This loan has been fully funded!

A portion of Om Hasen Group's $950 loan helped a member to purchase more sewing materials in order to expand her business.
90% repaid
Repayment Term
13 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 30, 2014
Listed
May 21, 2014
Currency Exchange Loss:
Possible