(MENAFNEditorial) iCrowdNewswire - Apr 22, 2017 Ahmed hodeidah, Yemen / Home Energy A loan of $275 helps to purchase a solar power system for his house. Ahmed's story
Ahmed is a 19 years old single young man who lives with his family in a small house in Hodeida governorate. He just finished secondary school last year.
Ahmed is a hardworking young man who works as a motorcyclist. The current situation in Yemen has forced him to work on the motorcycle to be able to help his father in covering the needs of his family and not complete his higher education. One of the current essential needs of his family is purchasing a solar power system to compensate the absence of public electricity due to the ongoing conflict in Yemen that started before more than two years. Since Ahmed can afford purchasing such power system, he has applied for an interest-free loan from Al-Amal Microfinance Bank in the amount of 63,000 YER to purchase a 150W solar panel, a 100Amp battery and cables.
Ahmed is looking forwards to continuing his higher education after the end of this conflict.
This loan is special because: It provides clean energy to people affected by violence in Yemen. Lev Plaves Kiva staff
More about this loan This loan provides electricity sources to businesses and households affected by the ongoing civil war in Yemen. Al-Amal offers clean energy products, with minimal fees and 0% interest,to businesses and homes that no longer have reliable electricity as a result of the war. By supporting this loan, you provide individuals affected by violence with the means to reduce dependency on fuel and government energy supply. 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.
Contact Information:
Ahmed
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