Al-Amal Microfinance Bank, established in 2009, is 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.

The bank’s purpose is to improve the economic and social conditions of low- and limited-income households in Yemen, in particular micro- and small businessowners, through the provision of diversified, sustainable financial services that suit their needs as a tool for fighting poverty and unemployment. The bank started its pilot phase late in 2008 and launched its business officially in January 2009 according to a five-year business plan, providing a broader range of financial services such as (credit, savings, insurance, etc.) delivered in line with Islamic legislation.

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.

In 2009, Al-Amal Bank began with three offices in Sana'a. Today, Al-Amal boasts 14 branches throughout Yemen, spread over the six main governorates which represent more than 60% of the total Yemeni population (Sana'a, Taiz, Aden, Ibb, Hadramout and Hodaidah). To date, Al-Amal has served over 61,000 clients and disbursed over 30,900 loans with a total value of 7 million USD. Women constitute 59% of Al-Amal’s total borrowers. The bank’s goal is to reach 30,000 active borrowers by the end of 2011 and 100,000 by the end of 2013.