Impact of 2011 Events on the Performance of Microfinance Institutions in Yemen

Transcription

1 Impact of 2011 Events on the Performance of Microfinance Institutions in Yemen Eissa Hasan AboHulaika 1 & Prof. V.N. Laturkar 2 1 PhD Research Scholar, School of Commerce & Management Science, SRTM University 2 Director & Dean, School of Commerce & Management Science, SRTM University (India) Abstract: This paper aims to identify the impact of 2011 events on the performance of Microfinance Institutions in Yemen. The paper is mainly based on the secondary data collected from the records of the Social Fund for Development, Yemen Microfinance Network, concerned journals and websites, official reports and other sources related to the research subject. The said study covered the period from 2011 to 2015 and the region for the study was Yemen. Microfinance sector was affected by the military conflicts as many clients fled their places of residence, and many projects of other clients were affected by the severe shortage of basic services, the withdrawal of many clients from the labor market, and the individuals spent out their savings to meet their consumption needs. Moreover, many institutions stopped providing new loans, given the high risk, while other institutions were looted or had their branch offices destroyed. This paper is divided into three parts: the first part includes introduction, research methodology, and review of literature. The second part discusses the impact of 2011 events on microfinance institutions in Yemen. The third part concludes the major challenges, problems and recommended strategies to strengthen, enhance Microfinance institutions in Yemen. Keywords: Microfinance, Microfinance Institutions, Events, Impact, Yemen. 1.1 Introduction: The environment for microfinance operations in Yemen is challenging. Yemen remains one the poorest countries in the world, ranking 151 of 177 countries on the UNDP Human Development Report in Population growth is very high (3.02% annually), is doubling every 19 years and is expected to reach 38 million by Almost 74% of the Yemeni population lives in scattered rural, often mountainous, settlements making it extremely difficult to provide basic social services including microfinance. The under-15 age group represents 46.3% of the population creating huge demands for education and health services, access to clean drinking water and job opportunities. Human development indicators show low school enrolment rates, high rates of child malnutrition (46%), maternal mortality (366 for 100,000), and illiteracy (56%). There are also large gender disparities, with significant gaps in women s access to economic, social and political opportunities; Yemen ranks 155 out of 156 countries in the UNDP Gender Development Index. (Deena, A., &Jennings Mary, 2008). Yemeni microfinance is in its infancy and Yemen is not littered like some countries with failed microfinance programs. NGOs and Government alike require a ready source of information on microfinance, of international best practices that can be adapted to fit the Yemeni context. The demand for knowledge of microfinance exists however, since microfinance is client driven, the dimension of client demand must be considered. One method of deriving potential national demand for microfinance is to use a loan size expected according to microfinance best practice to reach the poor. (Bilelen, and Aleryani). History of Microfinance in Yemen: Microfinance industry started in Yemen in 1997 by the Social Fund for Development, which piloted 5 microfinance programs in rural areas. The first program was in Al- Hodeidacity, which started its operations in January It was a successful example for that period, yet a single centered activity such as cattle rising and agricultural inputs for crops limited diversity of products available in rural areas. This limited diversification in addition to a combination of reasons led to the collapse of those programs, which closed down or were absorbed by larger MFIs. A new phase began in 2000 by establishing strong urban programs with the idea that they could branch out into rural areas. The main program was Alif program, which started with three main branches in Taiz, Ibb and Dhamar and was modeled after ASA's group lending and saving methodology. Alif program Imperial Journal of Interdisciplinary Research (IJIR) Page 1498

2 provided the basis for SMED unit to encourage the wide spread use of group lending methodology that was used by almost all the other MFIs. It increased the number of active female clients, both borrowers and savers remarkably. SMED signed several agreements with NGOs in Yemen to establish new microfinance programs, in Seiyun, Hadramout, Aden, Abyan and Sana'a. The continuous expansion of the program s operations and business volume necessitated an evolution of their legal and institutional status. The first transformation came in October 2002, when a Board of Trustees was formed for the National Microfinance Foundation (NMF), which transformed it from a mere program into an independent and officially registered NGO supervised by a Board of Trustees. The second transformation took place in March 2004, with the evolution of the legal status of Taiz Micro start Project, which was registered at the Ministry of Industry and Trade (MOIT) as Al-Awael Microfinance Company. The third major transformation took place in June 2005 with the merger of the three MFIs established in Aden back in 2001 to form Aden Microfinance Foundation. In this stage, SFD also partnered with the Small Enterprise Development Fund and Alislah Charitable Society the largest NGO in Yemen to finance microfinance programs. In 2006, Al-Tadhamon International Islamic Bank, the largest private bank in Yemen, established a program to serve SMEs with loans. This initiative represented the first involvement of the Yemeni private banking sector in the SME financial industry. In October 2008 Al-Amal Microfinance Bank started its operations which formed a new turn of events in microfinance industry in Yemen, as it constituted the first bank specialized in small and micro financial services. The latest newcomer in the small and microfinance industry is Al-Kuraimi Exchange Company. Established in 1995 as a private company for foreign exchange, Al- Kuraimi underwent a transformation in 2010 when it registered in the Central Bank of Yemen on June 2nd, 2010 as Al-Kuraimi Islamic Microfinance Bank. It is the first microfinance bank licensed under the new Microfinance Law No. 15 issued in The continuous expansion of the microfinance industry urged the need to establish an independent business development services agency for microfinance clients. As a subsidiary of SFD, Small and Micro Enterprise Promotional Services agency (SMEPS) was established in 2005 to promote SMEs through non-financial services. SFD also initiated the establishment for the Yemen Microfinance Network to be the first national member based network for the microfinance institutions in Yemen (Yemen Microfinance network). The Main Microfinance operators in Yemen There are about 19 players in the market, they provide different microfinance products and services, and they differ from banks to Foundations to programs, companies and others. They can be described as below: Microfinance Banks: Al-Amal Microfinance Bank Al-Tadhamon Bank Al-kuraimi Islamic Microfinance Bank Saba Islamic Bank Cooperative and Agricultural Credit Bank Microfinance Company: Al-Awa el MF Company Microfinance Foundations & Programs National MF Foundation Aden MF Foundation MF Development Program (Nama) Sana a MF Azal Small Enterprise Development Fund (SEDF) Hadhramaut Microfinance Program. Al-Etehad Microfinance Program Social Foundation for Sustainable Development (SFSD) Al-Khair Foundation for Social Development. Women Association for Sustainable Development. Al-Rayan MF Program. YLNG- Estathmer- Small and Micro Enterprise Development Program Other Activities & IGPs Imperial Journal of Interdisciplinary Research (IJIR) Page 1499

3 Microfinance Institutions Profile: Table 1 Appendix 1- Data Summary of Main Micro Finance Programs Working in Yemen (Dec.2013) N o MF Program Active Number of Clients Borrowers Total Wome n % Savers Total Outstandin g loan portfolio Million YR PAR (%) Cumulative Numbers Number of Loans 1 Al-Amal 34, ,894 1, ,216 5,457 Microfinance Bank 2 National MF 14, , ,414 5,463 Foundation 3 MF Development 8, , ,830 5,298 Program (Nama) 4 Aletehad MF 2, , ,592 1,800 Program 5 Aden MF Foundation 10, , ,892 2,787 6 Al-Awael MF 1, ,799 2,018 Company 7 Al-Tadhamon MF 8, , ,549 6,658 Bank 8 Sana a MF (Azal) 4, , ,538 1,868 9 Small Enterprise Development Fund (SEDF) Social Institution for Sustainable Development Wadi Hadhramaut MF Program 3, , ,919 14,735 1, ,529 1,723 2, , ,492 1,134 Loan Amounts Million YR Alkuraimi Islamic MF Bank 5, ,619 1, ,226 4,119 Other Activities & 67,495 1,690 IGPs Total 99, ,292 9, ,491 54,750 Source: Social Fund for Development, As shown in the above table that, the total number of poor borrowers in Yemen reached 99,726 and 253,292 savers as per the latest report published by the social fund for development in December Similarly, the total amount of the microfinance portfolio is YR 9,590 Billion. Likewise the cumulative number of loans is 624,491 loans with cumulative amount of YR 54,750 Billion. The reports further notes that Al-Amal Micro Finance Bank is the most active one among all other operators in the market with 34,374 active borrowers, 51% of them are women and 49% are men. Moreover, the total savers are 57,894. To sum up, the table shows that Al-Awael MF Company has the highest portfolio at Risk scoring 19.78%. Imperial Journal of Interdisciplinary Research (IJIR) Page 1500

4 Chart 1 Members Market Share From The Total Number Of Active Clients. (Source: YMN Annual Report, Dec2013) 2.2 DATA AND METHODOLOGY: Microfinance institutions in Yemen play an important role in poverty reduction, unemployment reduction and helping the lowincome people to start their own business and projects. Since 2011, Microfinance sector was affected by the military conflicts as many clients fled their places of residence, and many projects of other clients were affected by the severe shortage of basic services, the withdrawal of many clients from the labor market, and the individuals spent out their savings to meet their consumption needs. Moreover, many institutions stopped providing new loans, given the high risk, while other institutions were looted or had their branch offices destroyed. MFIs have suffered big losses due to the increased operational costs and the considerable decline in the number of savers (down to 30%). Therefore, this study is an attempt to identify the following questions: 1- What are the problems and difficulties facing Microfinance institutions in Yemen since 2011? 2- What are the remedies and solutions to overcome these problems and difficulties? OBJECTIVES OF THE STUDY: The objectives of the study can be illustrated in the following points: 1- To present a general profile of microfinance institutions in Yemen. 2- To identify the impact of 2011 events on microfinance institutions in Yemen. 3- To identify the problems and difficulties facing microfinance institutions in Yemen? 4- To recommend based on the findings the most appropriate solutions to overcome these problems and difficulties facing microfinance institutions in Yemen? IMPORTANCE OF THE STUDY: This study is believed to be significant in providing the impact of 2011 events on microfinance institutions in Yemen. Also, the study provides a brief new literature to interested parties and concerned authorities of microfinance institutions in Yemen. Furthermore, the study provides appropriate recommendations to policy makers, donors and researchers as well. Imperial Journal of Interdisciplinary Research (IJIR) Page 1501

5 Data Collection: The study is based on the secondary data collected from various records Such As The Social Fund For Development, Consultative Group toassist thepoor,yemen Microfinance Network, The Small And Micro Enterprises Development Unit, Al-Amal Microfinance Bank, Websites, Books, and Article, etc. The Study takes place In Yemen and covers The Period From Literature Review: The study presents studies and data about the impact of 2011 events on microfinance institutions in Yemen. Abbas Basha, Executive Director of the Al-Tadhamon for micro and small microfinance stressed that the program re- submit its products and that has become classified, he said, according to a wide range of guarantees from Safeguard symbiotic between members of women's groups to soft guarantees such as salary e- salary pension business and guarantee the Baptist and non- Baptist and symbiotic staff as well Guarantee rating agencies contracting with the program and organizations within the guarantees excellent gold and bank letters of guarantee. He pointed out that the program added many advantages to financing Murabaha which allow periods of up to six months and periods of financing of up to three years and a profit margin decreasing to increase funding and reduce the profit margin of the innovators, explaining that it will soon enter the Takaful insurance property and that will cover the client in the event of death or disability total.( Osama Shami, Head of the Small and Micro Enterprise Development in the Social Development Fund for Development, presents the problems faced by the institutions, banks and microfinance programs during the events experienced by Yemen during the years , which said it had a major impact on the microfinance industry, stressing that solidarity microfinance and smaller program for his services Reload financing programs and reduced Murabaha ratios and adoption of the new facilities in guarantees contribute to improving the quality of service provided to the poor and to promote demand for microfinance and increasing spread and create a positive competition between programs and institutions and microfinance banks in Yemen.( Alchuhali, Nabil (2012), The Impact Of 2011 In The Microfinance Industry In Yemen : The Throes Of Difficult And Rare Experience, In the year 2011, which was described as the year of the Arab revolutions also dubbed the term (the Arab Spring) Yemen was part of it, as it passed this year to Yemen difficult by any standards, according to experts and analysts, as it dropped the events that has developed into an armed conflict a shadow on all economic and political sectors and social and saw Yemen during this events, a major economic decline due to the freezing of business investment, leaving foreign investment, a recession and a sharp inflation at the same time, bankruptcy and the closure of a large number of shops and exposed to looting and plunder, lay off hundreds of thousands of workers, the deadlock of basic services (electricity and water) The rise in fuel prices and a lack of it, were almost Yemen to be on the outskirts of the complete economic collapse Because microfinance in Yemen is considered a key component of the structure of the national economy has been affected by the events witnessed by the country like other sectors, but seems to be more affected for reasons numerical ones that microfinance culture in Yemen is still modern era did not microfinance concepts in society enhanced by a strong post, weakness Infrastructure for MFIs, shows a large number of projects funded by microfinance institutions to shutdown and freezing A number of them looted in the areas in which it operates these institutions, all of these facts have prevented the payment borrowers to their premiums and thus higher arrears attributed to unfamiliar in the sector levels, as most MFIs have stopped lending, except for some of them Because of the serious political disputes between the parties to the conflict and the length of the events, which caused a complete paralysis in the joints of the economy and shows the top five Yemeni provinces that make up 65 percent of Yemen's population and nearly 90% of the size of what is covered by microfinance in the country of protests and armed clashes in 2011 it has led all of this to high levels of risk in the industry to a great extent and has become the industry in a very difficult situation so that the year 2011 was considered the throes of difficult industry for as long as it staked economists often as a tool of development tools in the country When talking about the results of 2011 and compared in the results of 2010, and despite the difficulty of the events and its complexity, but the financial institutions continued to exercise their activities but conservatively Imperial Journal of Interdisciplinary Research (IJIR) Page 1502

6 managed to distribute about funding for a total amount came to $ 23 million, but the size of the decline in the number of active funds was limited compared the size of the events, has been declining proportion reached about 4% from last year in 2010 as it closed sector in 2011 (63 618) Financing while closed in 2010 to (66 419) financing, and despite of this simple fall, but it is calculated success for the industry in Yemen if This events occurred in all its forms another country collapsed and collapsed to the industry, according to the economists magazine fell Yemen rating in the global microfinance industry in 2011 to position 44, down 17 centers from what it was in 2010, 27 in center.(microfinancegateway.org) Al-Laei, Mohammed (2011), The Impact Of The Current Situation On The Microfinance Sector In Yemen And The Mechanism To Deal With The Situation, In early 2011 swept Yemen unrest and protests overwhelming in the framework of the socalled revolutions of the Arab Spring, which has significant impact on operating in the microfinance institutions retreated number of active customers by as much as more than 20% and hit the microfinance sector as a result of armed conflict. Many customers displaced from their places of residence and a lot of customers affected by their projects as a result of the acute shortage of basic services and the withdrawal of a large number of customers from the labor market and squandering the savings of individuals to meet consumer needs of individuals, as well as shut down some institutions, new loans disbursed as a result of high risk and suffered MFIs big losses due to higher operating costs and the number of savers significantly 30%. On the other hand MFIs has replaced proliferation and expansion plans and targeting the bottom of the target contingency plans based on the caution category and tighten the granting of financial services in the face of rising financial need of funds by the poor segment to meet the consumer needs to face the repercussions of the events on poor families procedures operational costs rose unexpectedly befuddled financial institutions planned and weaker institutional loyalty to the cadre of those institutions and greatly affected the relationship younger customers finance institutions.( 4.4 Yemen MFIs During the Events: At the beginning of 2011, Yemen was over whelmed by sweeping turbulences and protests as part of the Arab Spring which dealt a strong blow to the microfinance sector in Yemen. The number of active clients has shrunk notably (by more than 20%) in six months. Microfinance sector was affected by the military conflicts as many clients fled their places of residence, and many projects of other clients were affected by the severe shortage of basic services, the withdrawal of many clients from the labor market, and the individuals spent out their savings to meet their consumption needs. Moreover, many institutions stopped providing new loans, given the high risk, while other institutions were looted or had their branch offices destroyed. MFIs have suffered big losses due to the increased operational costs and the considerable decline in the number of savers (down to 30%). AMB has responded expediently to the events as it developed, by the end of Feb.2011, a contingency plan to face the events in Yemen. Not only that, it also disseminated and shared it with all institutions operating in Yemen and the Arab World. (AMB, Annual report, 2013) Al-Amal Bank 2011 Events The Yemeni events started at the beginning of Feb.2011, and the economic and the social repercussions are still there till the present moment. The events included intermittent military clashes and sweeping protests which have impacted the Yemeni economic life in general, and the microfinance sector in particular. The repercussions of the events have drastically impacted the microfinance sector by directly affecting the growth indicators and obstructing the sustainability of the programs. The challenges faced AMB can be summarized as follows: the external challenges related to the surrounding environment and the challenges pertaining to the clients, all of which have led to a number of economic and social consequences. Due to 2011 events, MFIs have replaced their outreach and expansion plans with contingency plans characterized with caution and stringent rules for providing financial services, given the heightened need of the poor for financial resources to meet their basic life requirements and cope with severe impact of the plight on the poor families. Therefore, the operational costs have increased so unpredictably that it unbalanced the financial institutions and slackened their staff loyalty. That also considerably has affected the relationship between those institutions and their clients. Imperial Journal of Interdisciplinary Research (IJIR) Page 1503

7 Impact of 2011 Events on AMB The impact of the events on AMB is not unlike the impact on other MFIs in the sector. Nevertheless, it can be the most impacted party as it is the most significant player in the microfinance market in Yemen. The events has left the bank with some obvious symptoms which are as follows: - A decrease in the number and volume of the loan portfolio, and the decline in the performance of other financial services. - A decrease in the revenues of the portfolio. - A significant increase in the operational expenses. - An increase in the risk level and risk degrees. - A reduction in the implementation of expansion plan, and consequently, a failure to implement the AMB 2011 plan. - The affection of AMB social role. - AMB deprival of the technical and financial support provided by donors due to the events. - Cancellation of providing new loans in certain products and high ceilings due to the high risk. - The affection of AMB staff morale because of a blurred vision of their portfolio and job future. - Loss of a number of employees inability to reach worksite. - An increase in the cost and effort of collection. External Challenges: - Unstable security conditions in the country and complete sealing of whole geographical areas, which entailed the shutdown of a number of branch offices, working over there. Locals also stopped to send their children, especially females to work. - The power outages and unavailability of oil by products which caused almost complete electronic paralysis to AMB and forced AMB to look for costly alternatives to maintain the minimum level of operation. - Restrained movement and increased transportation costs, which significantly hampered the bank staff s ability to meet and oversee the clients, let alone the collection of installments and renewals for the clients who are still practicing their activities. Challenges Faced By The Clients: - Many clients have lost their businesses, some of which were burned and looted. There were casualties or injuries among the programs and institutions clients, or their families. - Many families relocated and left their homes and projects in the violent areas. - Many projects owners abandoned their projects and joined sit-ins or relocated to other villages. - Many microfinance clients were affected by costs of the basic services, which led to deterioration in their own and their families living standards. Source: Al-Amal Micro Finance Bank Annual report, (2013). Challenges for Al-Amal Microfinance Bank The challenges for Al-Amal Microfinance Bank are outlined as follows: The security situation in the country is precarious, as areas are being sieged and thus branches, where the Bank operates, are also sealed off. In addition, households refrain from sending members, especially women, to work. Interruption of electric power, causing the Bank s computer network to be down, forcing the bank to find costly alternatives to ensure minimum business continuity. Difficult and high-priced transportation, making it difficult for Bank staff to serve clients, not to mention the collection of installments and renewal for clients. Many clients lost their businesses, some of which were put on fire and looted. A number of clients, or members of their households, had been killed or injured. Many households were displaced by the continuous unrest, and left their houses and businesses in clash-hit areas. A large number of entrepreneurs abandoned their businesses and took part in sit-ins or moved to villages. Many microfinance clients were affected by the high prices of basic services, resulting in deteriorated living conditions for them and their families. Internal Challenges For The Bank Include: Deviations in operational and financial business plans. Delayed repayment, with higher risk portfolio. High operational costs of administrative processes. Imperial Journal of Interdisciplinary Research (IJIR) Page 1504

8 Decline to offer new loans, and high ceilings due to the increasing risk. Staff spirit and morale were largely affected because of the unrest and lack of clarity about the future. A large number of staff, especially women, left the Bank. Generally, all of these challenges have fundamentally contributed to a low growth of Yemen s microfinance sector, where the number of borrowers dropped from 69, clients in February 2011 to 50, clients in June Thus, portfolio at risk increased from 1.4% last February to 5.9% in June As well, the number of savers dropped from 52, last February 2011 to 43, and operational self-sufficiency dropped from 119% to 92% as of June Naturally, not only were the Bank s financial indicators affected because of the conditions experienced by the country and as a reflection of the above challenges, but also was the whole sector in terms of outreach, efficiency, and profitability ratios and portfolio at risk.(amb, Annual Report,2013). Table 2 Al-Amal Microfinance Bank Main Indicators: Item Growth rate % Number of Branches % Number of Staff % Number of Disbursed Loans Volume of Disbursed Loans[YR Million] Number of Active Clients 5,657 17,566 12,507 22,145 26,175 18% ,240 2,400 94% 4,787 14,730 15,945 26,134 34,347 32% Outstanding Portfolio [ YR Million] Total Deposits [YR Million] Source: AMB Annual report, Findings: ,903 99% 36 1,094 1,120 2,120 3,809 80% The study found that microfinance institutions in Yemen during the events suffer from the following: A decrease in the number and volume of the loan portfolio, and the decline in the performance of other financial services of microfinance institutions. A decrease in the revenues of the portfolio. A significant increase in the operational expenses. An increase in the risk level and risk degrees. A reduction in the implementation of expansion plan, and consequently, a failure to implement the Microfinance institutions plans. The affection of AMB social role. Deprival of the technical and financial support provided by donors due to the events. Cancellation of providing new loans in certain products and high ceilings due to the high risk. The affection of staff morale because of a blurred vision of their portfolio and job future. Loss of a number of employees inability to reach worksite. An increase in the cost and effort of collection. Difficult and high-priced transportation, making it difficult for Bank staff to serve clients, not to mention the collection of installments and renewal for clients. Many clients lost their businesses, some of which were put on fire and looted. A number of clients, or members of their households, had been killed or injured. Many households were displaced by the continuous unrest, and left their houses and businesses in clash-hit areas. Imperial Journal of Interdisciplinary Research (IJIR) Page 1505

9 A large number of entrepreneurs abandoned their businesses and took part in sit-ins or moved to villages. Many microfinance clients were affected by the high prices of basic services, resulting in deteriorated living conditions for them and their families. 6.6 Suggestions: The study suggests the following points to deal with the events: Developing a team of senior management members to inspect branches. Easing up on the pace of outreach and only opening those branches that have more than one employee. Boosting the morale of Bank staff and arranging for them to visit and check in with customers. Making multiple back-up files of databases and other data sources. Emphasizing the independence of the Bank and not taking side with any party of the conflict. Modifying credit policies, halting some financing processes, and increasing procedures for other funding. Following up on collection on a daily basis and giving mandates to branch managers to delay certain repayments based on the situation of the clients. Postponing the disbursement of funds that do not meet certain criteria. Making adjustments to the withdrawal of savings. Making adjustments to the cash-in and cash-out in the branches on a daily basis. 7.7 Conclusion: Yemeni microfinance is in its infancy and Yemen is not littered like some countries with failed microfinance programs. NGOs and Government alike require a ready source of information on microfinance, of international best practices that can be adapted to fit the Yemeni context. The demand for knowledge of microfinance exists however, since microfinance is client driven, the dimension of client demand must be considered. One method of deriving potential national demand for microfinance is to use a loan size expected according to microfinance best practice to reach the poor. Microfinance sector was affected by the military conflicts as many clients fled their places of residence, and many projects of other clients were affected by the severe shortage of basic services, the withdrawal of many clients from the labor market, and the individuals spent out their savings to meet their consumption needs. Moreover, many institutions stopped providing new loans, given the high risk, while other institutions were looted or had their branch offices destroyed. MFIs have suffered big losses due to the increased operational costs and the considerable decline in the number of savers (down to 30%). Reference: 1- Alchuhali, Nabil (2012), In 2011 in the microfinance industry in Yemen : the throes of difficult and rare experience, org/ar/library 2- Al-laei, Mohammed (2011), the impact of the current situation on the microfinance sector in Yemen and the mechanism to deal with the situation, y.org/ar/library 3- Al-Lai, Mohamed Saleh (2011), the-microfinance-sector-inyemen-a-case-study-of-al-amalmicrofinance-bank, : 4- AMB,( 2013), Microfinance Institutions during the 2011 Events, Al-Amal Microfinance Bank. 5- AMB(2013), Impact of 2011 Events on Microfinance Institutions, Annual report, 6- Basha Abbas, (2013), Al- Tadamon For Small And Microfinance Reduce Murabahah Rates And Provides New Financial Services For The Poor, Saba News, htm 7- Burjorjee Deena & Jennings, Mary ( June 2008), Microfinance Gender Study: A Market Study of Women Entrepreneurs in Yemen Imperial Journal of Interdisciplinary Research (IJIR) Page 1506

10 Prepared for the Social Fund for Development 8- Ron Bilelen, Ahmed Aleryani, UNDP Microfinance Assessment Report For Yemen. 9- Social Fund for Development (2013). Microfinance Industry in Yemen, Working paper. Sana a, Yemen. 10- YMN, 2013, History of Microfinance in Yemen, Yemen Microfinance Network Annual Report YMN,, (2013), Members Market Share From The Total Number Of Active Clients, Yemen Microfinance Network, Annual Report Imperial Journal of Interdisciplinary Research (IJIR) Page 1507