Linda is 32 years old and a married woman with three children. She is a merchant; specifically she sells new clothes for adults and children, according to the season. She sells her products from her house. She buys her merchandise from distributors and stores where the prices are cheaper.
She began this activity as a result of selling her business from home. With the income from her business, she was able to upgrade her home and enjoy more comfort. At the present time, her business doesn't get her as much profit due to the bad situation in Yemen. So she applied for a loan of 50,000 YER from AMB to acquire articles of clothing such as dresses, shirts, pants, skirts, shoes, etc. She will sell them to her customers, thus giving her the opportunity to improve her income from her business.
One of her personal dreams is to send her children to private high schools.
About Al-Amal Microfinance BankAl-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.
This is a Group Loan
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