Association Al Amana for the Promotion of Micro-Enterprises Morocco
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The mission of Al Amana is to promote microenterprises, by making credit available to commercial microentrepreneurs and artisans currently excluded from traditional financial systems.
Its principle challenges include satisfying its clients, strategic planning, adapting its products to the needs of its clients, and mobilizing funds.
Mission
To promote the microenterprises by offering credits and all related services.
Background
Founded on February 13, 1997, with technical assistance from the American NGO VITA and financial support from USAID and the Moroccan government, Al Amana is a non-profit institution that promotes microenterprises in Morocco. When Al Amana was first created, its goals were modest – it aimed at extending a total of 17,000 loans over a 7-year period through a 14-branch operational structure. Since the start of its activities, Al Amana has undergone a significant expansion in the quantity and quality of its services. On March 2000, the association was accredited to the Ministry of Finances as a micro-credit association, and in 2002, it reached full financial autonomy. The organization’s clients are poor men and women working in the old inner cities or in the outlying slums of Morocco. Al Amana targets no particular sector of activity, and has made loans to 87 separate types of handicraft, commercial, and service businesses. Retail trade is by far the most common activity for male clients, and sewing and embroidery are the largest categories for women, many of whom work at home.
The creation of Al Amana has led to widespread cooperation and healthy competition among Moroccan microfinance institutions. Growth in competition has led to increased professionalism in the sector. Al Amana strives to stay ahead of the competition by acting as a pioneer among Moroccan MFIs. Al Amana received a “Reward of Excellence” from Grameen Foundation-USA and was the first Moroccan MFI to be included in the Micro Banking Bulleting and to be rated by an independent authority (PlaNet Finance-A). In addition, it was the first MFI in Morocco to create and maintain informative website as well as the first to conduct regular market studies.
Its principle challenges include satisfying its clients, strategic planning, adapting its products to the needs of its clients, and mobilizing funds.
Mission
To promote the microenterprises by offering credits and all related services.
Background
Founded on February 13, 1997, with technical assistance from the American NGO VITA and financial support from USAID and the Moroccan government, Al Amana is a non-profit institution that promotes microenterprises in Morocco. When Al Amana was first created, its goals were modest – it aimed at extending a total of 17,000 loans over a 7-year period through a 14-branch operational structure. Since the start of its activities, Al Amana has undergone a significant expansion in the quantity and quality of its services. On March 2000, the association was accredited to the Ministry of Finances as a micro-credit association, and in 2002, it reached full financial autonomy. The organization’s clients are poor men and women working in the old inner cities or in the outlying slums of Morocco. Al Amana targets no particular sector of activity, and has made loans to 87 separate types of handicraft, commercial, and service businesses. Retail trade is by far the most common activity for male clients, and sewing and embroidery are the largest categories for women, many of whom work at home.
The creation of Al Amana has led to widespread cooperation and healthy competition among Moroccan microfinance institutions. Growth in competition has led to increased professionalism in the sector. Al Amana strives to stay ahead of the competition by acting as a pioneer among Moroccan MFIs. Al Amana received a “Reward of Excellence” from Grameen Foundation-USA and was the first Moroccan MFI to be included in the Micro Banking Bulleting and to be rated by an independent authority (PlaNet Finance-A). In addition, it was the first MFI in Morocco to create and maintain informative website as well as the first to conduct regular market studies.
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