Bandr is 32 years old, a married man with three children who lives in Sana`a, Yemen. He makes an artificial honey which offers a greater variety of honey. He has been operating his business for many years.
He started his business with opening a small honey shop then the earnings from this business allowed him to lease a more comfortable building for his cafe in order to continue developing his business, He is an enthusiastic man and a responsible hard worker who makes a living honorably, due to putting all of his efforts into developing this business in order to achieve success, He needs to increase the inventory variety in his shop to meet his clients' demands.
So, Bandr requested a loan of 150,000 YER from AMB which will permit him to have a greater variety of products such as sugar to offer and to increase his income and his quality of life. Thus he will continue working to accomplish his greatest dream: to help with the education of his children as well as to buy a car in order to distribute his products around his city.
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.