We randomly selected one village in each pair, and al amana started working in that village. We take advantage of the expansion of al amana, the largest mfi in morocco. Files are available under licenses specified on their description page. Microfinance has proven to be an effective and powerful tool for poverty reduction. Thats where microfinance, or microcredit, agencies, come in. Estimating the impact of microcredit on those who take it up. Worlds top 50 microfinance institutions were chosen from a field of 641 microcredit providers. Enterprises morocco al amana is an unusually successful microfinance institution mfi registered as a non. Al amana microfinance is the first moroccan microfinance institution and in the mena area. Alamana microfinance rapport20 by skupinasolidarita issuu. In 2009, there were 12 active microcredit institutions in morocco, which combined had a portfolio of. Estimating the impact of microcredit on those who take it. Impact of microcredit in rural areas of morocco 04 11.
Islamic microfinance as an alternative for poverty. New microfinance regulations in some countries in the region mandate criteria for board structure, skills, and base level of professionalism. It has served more than 4 million loans for an envelope of over 32 billion dirhams since its beginning. In 2006, the nobel peace prize was awarded to grameen banks. Association al amana for the promotion of microenterprises morocco. Like many other development tools, however, it has insufficiently penetrated the poorer strata of society. Microfinance market size, share, outlook, 20172025. Analysis of the effects of microfinance on poverty reduction. Definition of microfinance microfinance is the provision of a broad range of financial services such as deposits, loans, payment services, money transfers and insurance products to the poor and lowincome households, for their microenterprises and small businesses, to enable them to raise their. Islamic microfinance as an alternative for poverty alleviation. Al amana clients signing for a group loan disbursement in. Al amana is in the top 100 of the best mfis in the world and was awarded several international prizes.
Today there are several large microcredit agencies, including the grameen bank, which lends to 2 million poor women in bangladesh. Savings products and services in the informal sector and. Sak closed is a leading auto finance company in kuwait. In 2007, morocco had one of the most vibrant and successful microfinance sectors in the world. Al amana is a microcredit organization based in morocco which gives loans to small solidarity groups to promote and support microenterprises. Al amana s ambition is to be a market leader in the sector and to maintain its leadership through its outreach, performance and innovation. These are nonprofit organizations dedicated to reaching the poor with small loans that enable borrowers to work their way out of poverty. The microfinance has evolved due to the efforts of committed individuals and financial agencies to promote selfemployment and contribute to poverty alleviation and provision of social security. Microfinance is generally seen as a way to fix credit markets and unleash the productive capacities of poor people dependent on selfemployment. Al amana offers clients hassle free loan options with varied installment. Youssef benchekroun, general director of al amana microfinance.
Al amana microfinance ratings like the traditional financial market, the microfinance sector also has its own specialized. Thirteen microcredit institutions were established in morocco, which quickly grew in a. The rise, fall, and recovery of the microfinance sector in. Global microinsurance market 2020 report by top companies. Between 2006 and 2007, al amana opened around 60 new branches in rural areas. The success of moroccan microfinance institutions papers in the. The four institutions featured in this report are mibospo, kenya womens finance trust, share and association al amana.
Agency locations our representatives at the cars agencies. Microfinance sectors morocco location loan financing tool 3,000,000 eur amount of funding senior loan of eur 3m financing details al amana client ifc ces client presentation al amana is the leader in moroccos microfinance sector in terms of outstanding credit, the number of borrowers and the size of the network. There are many stories of these men and women who do not have access to the traditional financial system and that amana microfinance helps to flourish professionally. A survey nur indah riwajanti abstract the purpose of this paper is to demonstrate the potential of islamic microfinance as an alternative tool for poverty alleviation. The new microfinance handbook fills a critical gap in the current literature on financial inclusion. All structured data from the file and property namespaces is available under the creative commons cc0 license. These impressive results did not go unnoticed, and al amana and zakoura were awarded several international prizes including mixs worlds best performing mfi and the european prize for microfinance.
Al amana microfinance is also today a staff of 2378 people and a network of 606 agencies including 86 mobile. What is typical the economic status of beneficiaries very poor, poor, middleclass or wealthy. Pdf microfinance is currently considered one of the most important tools. Agency for international development realized a vision for largescale microfinance. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Al amana of morocco purpose the united nations general assembly adopted 2005. Usaid support of al amana and the law on microfinance in morocco. Microfinance is the provision of financial services for the poor. Fwwb friends of womens world banking sample job profile 126 notes 129 table of contents. We tell you about microentrepreneurs who have all benefited from a boost from al amana microfinance to promote their project. While poverty is a common problem faced by all countries, the efforts and actions has not reached the purpose yet. Savings products and services in the informal sector and microfinance institutions. Morocco, monique cohen, microfinance opportunities, with ruth goodwingroen al amana clients signing for a group loan disbursement in kenitra, morocco. Microfinance is not a panacea for poverty and related development challenges, but rather an important tool in the mission of poverty eradication.
I am particularly pleased with the explicit focus on consumers and their needsthis, together with the onset of technologybased delivery models, has been the most important. As a market leader in morocco, the association has a retail network covering the whole country. To our knowledge, this is the first randomized evaluation of the impact of expanding access to microcredit in rural areas. A first finding is that al amana microcredit is not tailored to specific agricultural and rural constraints, as is the. Finally, the authors would like to thank nicola armacost for editorial support and donald creedon, sasha laumeister and gerald weaber for formatting, design and production assistance. Pdf microfinance and financial inclusion researchgate. Al amana of morocco microcredit, or more broadly microfinance mf has a role to play in facilitating growth through the provision of credit to entrepreneurs.
It has 597 sales outlets, including 280 in rural areas and 86 mobile branches. Amb was established according to al amal bank law no. Since the marginal business funded by a microfinance loan is. We provide our valued customers with optimal credit solutions, giving you the freedom to choose from a wide range of new and used vehicles, through our relationships with major dealerships. Governance and strategic leadership of microfinance. Al amana individual assessment form 125 appendix 3.
The pairs were chosen at the periphery of the zone where al amana, our partner microfinance institution mfi, was planning to start their operations. Alamana microfinance youssef bencheqroun, directeur. In december 2011, grameenjameel signed a memorandum of understanding with al amana microfinance. Al amana microfinance the abdul latif jameel poverty. Download free sample pdf along with few company profiles. Partnerships and regional expansions are among chief business strategies adopted by many companies. Product diversification in microfinance womens world. Al amana was the only mfi operating in the study areas during. The ranking of the top fifty microfinance institutions mfis by forbes brought a surprise.