Al- Wafa Al- Thawra Group
Shifa is the leader of the group. She is a 23-year-old married woman with three children. She is an uneducated woman and works as a housewife. Her husband is an employee in a public sector. The salary that he receives from his job is not enough to cover all the expenses of the family. Shifa's house lacks a refrigerator and she can't afford this thing. Inside the kitchen of her house, she puts many kinds of drinks, foods, sweets, and vegetables without a refrigerator where they need to be in a cold condition. Particularly, the climate these days is very hot. Unfortunately, she doesn't have a refrigerator in order to keep all those items in a cold condition. As a result, most of those foods and drinks expire quickly. For this reason, Shifa is requesting a loan of 50,000 YER from AMB in order to purchase a refrigerator for the house.
Shifa looks forward to improving the condition of her family.
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
0View loans »
Success!! The loan was 100% repaid