Al-Amal Microfinance Bank was established by the Law (23) for the year 2002, as the first Microfinance Bank in Yemen. The bank was an outcome of the efforts of the Yemeni Government represented by the Social Fund for Development (SFD), the Arab Gulf Program for United Nations Development Organizations (AGFUND), and the contribution of the Private Sector.
Al-Amal Bank tends to providing poor clients engaged in productive activities (micro-entrepreneurs) with small and micro-loans to help them to grow their businesses. We are planning to provide a broader range of services (credit, savings, insurance, etc.) as we have came to realize that the target group lacks access to financial services and requires a variety of financial products. The amount of contribution of the shareholders in the bank capital came as follows:
· 45% shares for the Yemeni Government
· 35% shares for AGFUND
· 20% shares for the private sector
Objectives:
· To provide diversified financial services satisfying the target group's needs and expectations.
· To expand to all the Yemeni territories (rural and urban) through new branches and through partnership with other local institutions.
· To be a sustainable financial institution, with qualified and efficient staff, and equipped with modern systems able to attract fund.
Values:
As an organization committed to social and economic development, Al-Amal Bank has identified its organizational values as:
Honesty and Integrity: Al-Amal bank generates security for its customers through honest and integral actions.
Commitment: Al-Amal Bank is committed to providing access to financial services to the poor, to achieving financial sustainability, and to the best Microfinance practice.
Leadership: We value people at every level who lead by example, take pride in what they do and inspire others.
Collaboration: We value team work-working together to achieve common goals as the foundation of our success. Also, Al-Amal Bank seeks to be an active member of the Microfinance network at the Yemeni, Arab and International levels.
Excellence: The highest quality in vision, mission, strategy, services, demand driven products, highly motivated and committed staff, collaboration and cooperation, management systems and client response all characterize Al-Amal Bank work.
Principles:
Exemplary Customer Service: Al-Amal bank is committed to deliver products and services to its customers in an appropriate, professional and quick manner. All of our staff are committed to make a customer positive experience, one that every customer will want to experience time and time again.
Innovation: Al-Amal Bank strives for types of guarantees, services, products, delivery mechanisms and systems that are creative and reflect the best thinking of the international community on financial services to the poor and a set of program principles which guide and reinforce its activities.
Transparency: Al-Amal bank is committed to comply with the set of international financial reporting standards (IFRS) endorsed by CGAP, to report to the MIX and Sanabel and to post updated figures and financial statements on its website.
Continuous improvements: Al-Amal bank is committed to the continuous improvement of its staff as the base for global progress and improvement of its products and services
Efficiency: Al-Amal bank is committed to utilize its available financial and human resources to maximize results. By doing more with less, the bank will create “resource savings” which it intends to use to reach poorer clients in more remote communities, provide additional services and/or lower the cost of existing services.
