Al-Kahtani: Success of Al-Amal Bank Reflects Coexistence with Yemeni Reality with Development Vision
AGFUND Bank in Yemen Excels in Arab World in Addressing Economic, Social Problems by Creating Financial Inclusion Products
AGFUND Bank in Yemen (Al-Amal Microfinance Bank) has achieved a new edge by winning the Arab Financial Inclusion Innovation Prize (AFIIP). Among more than 100 innovative technical ideas that help create broader financial inclusion in the Arab world, Al-Amal Microfinance Bank ranked second in the top three innovative ideas evaluated by international experts in the fields of technology and financial inclusion from around the world. The Executive Director of AGFUND, Dr. Nasser AL-Kahtani, has congratulated the management and staff of Al-Amal Bank on “this merit that strengthens AGFUND’s global reputation and underlines the contributions of financial inclusion to the realization of 2030 Sustainable Development Goals”. Dr. AL-Kahtani said: “The innovative products of Al-Amal Bank reflect its coexistence with the social reality with a deep development vision and its endeavor to provide solutions to economic and social problems.”
The prize is sponsored by a consortium of global and regional institutions concerned with innovation in financial inclusion, led by the World Bank’s CGAP (the Consultative Group to Assist the Poor), German Sanad Fund, and Tamer Amr Group.
Al-Amal Microfinance Bank in Yemen is among nine banks for financial inclusion established by Arab Gulf Programme for Development (AGFUND) to integrate the poor into the financial and development process. There are also banks in Jordan, Bahrain, Syria, Lebanon, Sierra Leone, Sudan, Palestine and Mauritania. AGFUND plans to establish 16 banks in Egypt, Rwanda, West and Central Africa. The nine AGFUND banks have provided more than $ 785 million in loans to about 5 million beneficiaries, including 65% women.
It is worth mentioning that Al-Amal Bank has numerous achievements in the field of developmental innovation that serves its target. As a result of its performance, the Bank has won numerous regional and international awards and has been recognized for the best microfinance applications and effective product design. Al-Amal Bank was also recognized as the leading Bank among AGFUND banks for the poor, that created the product “Child Saving.”
One of the major awards won by the Bank is the European Microfinance Award 2015, and being among 47 international microfinance institutions from 28 countries. Al-Amal Bank was selected to win the European Microfinance Award on Microfinance in Post-Disaster, Post-Conflict Areas and Fragile States, after being rated one of the top 10 international institutions working in crisis and conflict areas.