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Mana' is a young man who is 24 years old and lives at the borders of the capital, Sana'a. He is still single and living with his parent. He is a university student studying at the Faculty of Education, Sana'a University.

Mana' bought his taxi two years ago with the support of his father so that the young man could start his life and cover his own personal and educational expenses as well as save for marriage. Mana' faced a challenge of whether to be free for his taxi or to study but eventually could do both. He is free to do the taxi business after university hours.

Mana' faced a financial challenge as the income of his taxi is used to support his study when his taxi broke down and he became unable to cover the cost of maintenance. Then he took a loan of 100,000 Rials from AMB to repair his taxi. The taxi has been broken down for a couple of months.

Mana' hopes to save money in order to replace the current taxi that is usually broken down due to mechanical problems, with a new taxi. He is also planning to save for marriage.

Additional Information

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

  • $3,900
    Average annual income
  • 0
    View loans »
    Yemen Loans Fundraising
  • $3,227,950
    Funds lent in using Kiva
  • 214.3
    Yemen Rials (YER) = $1 USD