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Khaled
Khaled is a 29-year-old married man with only one child, living with his family in Sana'a, Yemen. He is a university graduate and recently he became an employee in the private sector. He is a talented and responsible professional young man. He has a high determination inside himself to go ahead with purchasing a taxi. The salary that he receives from his job is good enough to cover all the expenses of the family, but it is not enough to purchase a taxi for transportation. Over time, he could accumulate a good amount of money from his salary, but it still is not enough. For this reason, Khaled is requesting a Youth loan of 500,000 YER from AMB in order to purchase a taxi for transportation.

Khaled looks forward to purchasing another taxi for transportation and renting it out in order to help him cover the expenses of the family.

Additional Information

More information about this loan

This loan is helping support a borrower who is 30 or under. Because many young people lack business experience or established credit histories, it can be even more difficult for them to access financial services. By funding this youth loan, you are expanding opportunity for a young person with limited resources. 

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.

About Yemen

  • $2,700
    Average annual income
  • 8
    View loans »
    Yemen Loans Fundraising
  • $3,225,150
    Funds lent in using Kiva
  • 214.8
    Yemen Rials (YER) = $1 USD
Paying Back

This loan has been fully funded!

A loan of $2,350 helped Khaled to purchase a taxi for transportation.
75% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 20, 2014
Listed
Jun 3, 2014
Currency Exchange Loss:
Possible