Al Amal Microfinance Bank (AMB): AMB was established according to Al-Amal Bank Law No. 23 for year 2002, as a partnership between the Government of Yemen represented by the Social Fund for Development (SFD) and the AGFUND based on HH Prince Talal Ben Abdul-Aziz initiative to establish banks for the poor in the Arab World and the Contribution of private sector. AMB opened its first branch in August 2008 and disbursed the first loan on 3 September 2008 during the pilot phase and started its operations officially in Jan 2009.
AMB’s envisions “inclusive financial systems for all the Yemenis”. And its mission is “to improve the economical and social conditions of the low/limited income households, particularly, the micro and small entrepreneurs of Yemen, through the direct and indirect provision of exemplary financial services that suit their needs and to become a pioneer and sustainable microfinance institution”.
AMB is the largest MFI in Yemen and one of the largest in Middle East. As of July 2012, AMB disbursed 49,049 loans and increasing active borrowers to 23,856 borrowers through 15 branches in 6 (out of a total of 21) governorates and therefore prevailing 31% of the Microfinance market in Yemen.
AMB was the winner of many financial and recognition awards of which is Islamic Microfinance Challenges and other cooperation projects are underway in social performance management as well as other aspects. Grameen-Jameel’s partnership and AMB started in January 2011.
For further information on AMB, please refer to their website: www.alamalbank.com