Shafika is the leader of the group. She is a 54-year-old married woman with 11 children. Her oldest child is 22 years old, and the youngest one is 4 months old. She lives with them in their own house in Taiz. Shafika is the leader of the group. She works as a housewife and she is a very dynamic woman.
Her husband immigrated to Saudi Arabia. He left home many years ago in order to improve the condition of his family. Currently, he receives a good amount of money from his business there. He sends money for his family monthly.
One of Shafika's children has a bus and works on it as a driver, and two of the children are students in a University. Shafika's house needs a renovation from the inside and most of the rooms are not renovated, in addition to the kitchen and the bathroom. This thing affects negatively about Shafika and she feels ashamed, especially if any guests or visitors come to her house. For this reason, Shafika applied for a loan of 70,000 YER from AMB in order to purchase cement and bricks to renovate the house.
Shafika hopes to renovate all her house and rent it in order to improve the living standards of her family. She hopes to open a saving account in AMB for her children. She is a very active and ambitious woman.
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
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This loan has been fully funded!