Nael is 31 years old and single; he lives in Sana'a, Yemen. Nael has a business selling honey and natural oils in the municipal market where he lives. His business is located very strategically, in a very busy place. Many people give him good references, and they say they are very satisfied with the service that he offers. He is a very fair and hardworking man. Because the income earned through his work is not sufficient to cover his household expenses, and also because many times his business doesn't have the best sales because at times he lacks sufficient merchandise to satisfy his customer's needs, he has decided to increase his business inventory. He is applying for a loan of 150000 YER from AMB to buy more honey and natural oils to meet more of the demand. This will allow him to increase his earnings. He hopes to get good results that will allow 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.