It is a kind of credit that offered to a group of women who knows each other very well, living in the same area and having their own small or micro projects. They serve as guarantor for each other, and organized based on mutual trust and commitment to pay back the credit. This Group of Women must abide by the following requirements:
· Must not be less than 5 or more than 8 women.
· Be selected by the group itself without the bank interference.
· Select the Head by the group itself.
· Define the repayment mode and time, pay the money to the Head who in turn pay it to the bank before it is due.
Credit Size (YER): 10.000 – 100.000 (50-500 $)
Credit Duration (months): 8 ; 6 ; 4
Repayment on time makes you eligible to borrow larger amount
Collective Solidarity Credit's Requirements:
· A Yemeni women, and his residence or project located within the bank area of operations.
· Older than 18 years old.
· She has a valid ID card.
· She has a profitable project.
· Eligibility and experience to get the credit.
· She is not a client of any of the MFI's.
· A women of good repute, and must not be a close relative to any of the bank staff.
· She has her own house or living in the house for not less than 3 years if rented.
· Able to provide guarantee.
· The credit requested matches the project needs.
· An employee of the entity which has a partnership contract with the bank (For Sharakat Clients).
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