Mohammed is a 40-year-old married man and a father of four children who live in Taiz, Yemen. He is a doctor who studied pharmacology science at Taiz University.
He has been operating a pharmacy for six years.
He started his business by training in another pharmacy in order to get more experience, then getting a job. He strove as much as possible to get job in a company then tried to collect money so that open own pharmacy but unfortunately he couldn't. So he was forced to sell his small house in the village in order to make this business and improve his living conditions.
He contracts with many doctors in clinics and hospitals to get the original medicines from them, so he has attracted more clients due to his being a professional in his field. He resells medicines for a more profitable price in his home city.
Due to the bad situation in Yemen, he faced a financial challenge in his demand.
So, he took a loan of 100,000 Yemeni Rial (YER) from AMB in order to supply his business with good medicines and keep his customers coming back.
In the future, he would like to expand his business to open another pharmacy.
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.