Jameel is 40 years old. He lives in Taiz, Yemen with his life partner and four children. He sells cosmetics. He has been engaged in this business for 16 years and, thanks to his hard work and dedication, he has remained busy all this time. He has had very favorable results in his business because he always tries to stay one step ahead of the competition, offering a variety of cosmetics at the best prices. He has very good references from his clients who say they are very satisfied with the service Jameel provides.
Every day he makes a greater effort because his dream is to be able to give his family a better quality of life. His family is everything to him. It is for them that he strives daily to get ahead so that he can give them better opportunities in life. He has been thinking about growing his business, and for this reason, he decided to apply for a loan of 500,000 Yemeni rials from AMB. He will use the loan to purchase a variety of products such as perfumes, lotions and handbags, etc. He has noticed that these products are in high demand and wishes to put emphasis on them in order to increase his sales. This will result in higher income which will enable him to improve the quality of life for himself and his family.
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.