Al-Amal Microfinance Bank started its actual operations In January 2009 on the base of five years business plan (2009-2013) and was established by Yemeni Law No. 23 of 2002 as the first Microfinance bank in the Middle East and North Africa. Its establishment came to crown efforts of the Yemeni Government, represented by SFD, and Arab Gulf Program for United Nations Development Organization (AGFUND), as also contribution and support from both Yemeni and Saudi private sectors.
Al Amal Bank is a non-profit organization seeking to offer sustainable financial services to limited and low income households in Yemen who are excluded from the formal banking sector, particularly small and micro entrepreneurs through the provision of inclusive financial services (credit, saving, insurance, transfers, etc).
When established, the Bank had an authorized capital of YER 2 billion (equivalent to US$9.3 million). The shareholders equity comes as follows: 45% of the shares for Yemeni Government, represented by SFD. 35% of the shares for AGFUND.
20% of the shares for Yemeni and Saudi private sectors.
The table below shows Key Events in the Bank's History
20 March 1996| H.H. Prince Talal Bin Abdulaziz Al Saud declares an initiative for establishing banks of the poor.| 20 July 2002| Issuance of Republican Decree by Law No. 23 of 2002 on the establishment of AMB.| 11 July 2007| Vacancy announcement for the position of the Executive Director in the websites of SFD and Sanabel Microfinance Network.| 15 July 2007| Announcing a contest for designing the AMB's logo.| 15 August 2007| Issuance of the working license under Prime Minister's Decree No. 332 of 2007.| 1 January 2008| Appointing Mr. Mohammed Saleh Al-Lai as AMB Executive Director.| May – June 2008| Developing the five-year strategic plan (2009 – 2013).| 24 August 2008| Opening the AMB's first branch, Baghdad St. Branch, Capital Secretariat.| 3 September 2008| Disbursing the first loan.|
4 February, 2009| Holding the first meeting for the BoD members as well as approving manual and policies.| 6 May 2009| Reaching the first 1,000 active clients in the bank.| January 2010| Issuance of CBY's first annual inspection report on AMB.| March 2010| Issuance of financial audited reports for 2009 by Deloitte and Dutch Company.| May 2010| AMB wins the Award of Creativity & Innovation sponsored by Grameen Jameel Foundation.| July 2010| AMB reaches a total of 10,000 active borrowers.| December 2010| AMB wins Award of Islamic Microfinance Challenges 2010.|
1) Yemeni Government – SFD
SFD was established by law No. 10 of 1997 as one of the social safety tools to alleviate side effects resulting from the government's economic reform program that might have a negative impact on vulnerable groups in society, particularly the poor. It is based in Sana'a and has branch offices in the main cities of the Republic of Yemen. SFD is a financially and administratively autonomous organization, run and supervised by a board of directors, chaired by Prime Minister. Its membership includes representatives for the government, NGOs and the private sector.
The Arab Gulf Program for Development (AGFUND) is a regional organization based in Riyadh, Saudi Arabia. AGFUND was established in 1980 upon the initiative of His Royal Highness, Prince Talal Bin Abdul Aziz Al Saud with the support of leaders of the Gulf Cooperation Council Countries : United Arab Emirates, Kingdom of Bahrain, Kingdom of Saudi Arabia, State of Qatar, Sultanate of Oman and the State of Kuwait. AGFUND works mainly in the field of development and growth at the international level through an effective partnership with the United Nations Organization, regional and national development organizations, public institutions, the private sector, as well as organizations of the civil society.
3) Private Sector...