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Khaled
Khaled is a 42-year-old, married man with three children. His eldest child is 11 years old and his youngest child is 3 years old. He lives with his family in Taiz city, Yemen. He has a university Education. He is the sole breadwinner of his family. The family lacks many food materials inside the house. This negatively affects the living standards of the family. Khaled wants to provide all of the necessary needs of the family. As a result, Khaled applied for a loan of 100,000 YER from AMB in order to purchase food materials to provide all the needs of his children inside the house.

Khaled looks forward to opening a large grocery and providing it with all goods and items. He plans to start his own project that will help him improve the living standards of his family.

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.

About Yemen

  • $2,700
    Average annual income
  • 20
    View loans »
    Yemen Loans Fundraising
  • $3,193,525
    Funds lent in using Kiva
  • 214.8
    Yemen Rials (YER) = $1 USD

Success!! The loan was 100% repaid

A loan of $475 helped Khaled to purchase food materials to provide all of the needs of his children inside the house.
100% repaid
Repayment Term
6 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 3, 2014
Listed
Jul 29, 2014
Currency Exchange Loss:
Possible
Ended:
Dec 18, 2014