Al-Kuraimi Islamic Microfinance Bank (KIMB) is a for-profit Yemeni closed-shared Company providing financial and banking services for all Yemenis'.
KIMB is the upgrade of Al-Kuraimi Exchange Company which was established on the fifth of August 1995 in Sana’s. Ever since it was founded, it had left no stone unturned to deliver the best money transfer services to all people in Yemen and receive all money transfers coming domestically and internationally.
At the end of 1995, the company had three branches serving our customers manually, and the decision to apply IT system was made in the year 2000 in which seven branches were in service . In 2003, we linked our branches with an integrated IT System with the ability to send and receive money in a fast and direct manner.
Al-Kuraimi Express Service as a trade mark was established. This therefore helped the company make quantum leaps regarding money transfer services. In addition, this has paid dividends to the company and its reputation in Yemen.
By the end of 2009, the number of the branches in Yemen was seventy eight. . At that time we started thinking of adding more services that the majority of the customers in need of and helping in developing the national economy.
The company got a substantial support from the Social Development Fund in Sana’a. This helped the company to become an Islamic microfinance bank in June 2010. The main purpose of that was and still to reinforce the importance of playing a very active role in enhancing the country’s economic status in the field of savings , financing money transfer and currency exchanging. The bank would accept all kinds of deposits and invest the deposited money in so many fields in complete compliance with the Islamic rules.
KIMB can deliver its financial services through 300 point of sales in all governates in Yemen.
KIMB envisions that: “All financial services are accessible by each person in Yemen"
Allah said: (and say (O Muhammed PBUH) ‘’ Do deeds! Allah will see your deeds, and (so will) His Messenger\ and the believers. …..) At- Taubah 105 (The Repentance). Peace be Upon Him said: ‘’ if the final hour comes while you have a palm- cutting in your hands and it is possible to plant it before the hour comes, you should plant it. Instinctively, the human is focused on self-love and likes to be in control of everything around him/her. In the absence of religion and morals, s/he turned into a monster. So, religion and morals are the determinants of his/her behavior and attitudes. We in KIMB base our value system in our Islamic religion and the morality which goes with the nature of the human being. As employees of KIMB, we must understand these values and practice them in our daily duties in the bank:
we must be compliant to the rules of Islam in all of our duties, such as offering banking services and in all investments that we do. Also, the products and services that we offer must first be passed for approval from the Shariah Supervisory Board of the bank. We must feel our God’s supervisory presence and feel the good willingness in all the time.
(Allah said: (And we did not create the jinns and humans except to worship me.) Adh- Dhariyat (56)Second,
we must be compliant with all laws, regulations and bank policies and be obedient to instructions from direct supervisors in order to achieve added value for the national economy. (O you who believe! Fulfill (your) obligations….) Al-Ma’idah (1)2Third,
We must be compliant with the principle of efficiency in the use of all resources, using the most modern and effective techniques to serve our customers – ‘’waste not-want not’’. PBUH said (Allah likes when somebody does something to do it accurately)
We must work with trust and honesty, feeling the greatness of them since it is the main principle on which all of our duties are built. We in KIMB do not accept anyone who is dishonest and entrusted with Allah and customers.
must respect each other at work. As employees we do not have to deal harshly with our customers and if we face insults, we reply in respectful manner. PBUH said (the Muslim is the one who all Muslims feel safe of his tongue and hands).We respect
all of our customers regardless their religion, sex, or education. (Allah said: and indeed we have honoured the children of Adam….) Al-Isra (70)Respect
the privacy and secrets of our customers and do not reveal them to others. (Allah said: (O you who believe betray not Allah and his messenger not betray knowingly your Amanat (things entrusted to you, and all the duties which Allah has ordained for you). Alanfal (27)
Clarity in responsibilities, duties, procedures and goals enables us to perform and achieve our work transparently. As a result, the relationship among employees get stronger and we gain customers trust. It is essential that we open channels of communication to strengthen the value of clarity with employees and customers. And if ambiguity is found, it has to be clarified. We must not mix between personal and work issues when performing our work. (PBUH said: Be patient. She is Safiah (wife of Prophet Mohammed PBUH….)
We must be committed to recruiting the best qualified employees for the bank, employees who believe in and share the vision and mission of KIMB and in our values and principles.
The principles of clarity and transparency, efficiency and effectiveness will be used as the basis for promotions. (Allah said (the best of men for you to hire is the strong, the trustworthy) Al-Qasas (26)3
The willingness to offer customers products and services according to their needs in order to improve their work and income is a value of loving others. We provide our customers with the products and services they need with speed, trust, and quality even in harsh times and conditions. (PBUH said (the faith of Moamen is not full till he loves goods to his brother as he does to himself)
Social responsibility is considered to be a fully integrated process that affects the balance of the whole of society. It focuses the abilities of the community by getting all community members to participate.so that they believe in their values and are respected by others. And all try their best to put the public sake in priority and devote their time and effort to achieve this sake to see a prosperous community and be proud of their efforts Our responsibility towards the community is to leave a positive stamp and participate in achieving the social and economic development in our country, Yemen. (PBUH said (the best people those who leave goods to others)
Within the process of our transformation into an Islamic Microfinance Bank, and building on the excellent reputation and trust which we have gained in the financial sector, we shall dedicate our efforts over the next five years to increase our market share thru adding more financial services, widening/expanding our outreach and building a well-developed, modern bank.
We will improve our money exchange and transfers services, add savings and financing services for small and microenterprises in compliance with the Islamic Sharia We will provide high quality and efficient services that respond to the needs of our clients on one hand, and which provides the investors and depositors with a high return on their money and preserve the interest of all the stakeholders on the other hand
We will enhance our pioneering role and our positioning and reinforce our competitive capacities benefiting from our expanding network of branches across Yemen and the development of our electronic services and marketing strategies to ensure better outreach to our clients in the urban and rural areas, and increase our market share.
We will maintain our carefully selected cadres, continue to build, develop and motivate their capacities to ensure their abilities to shape and execute the bank’s strategy. We will develop new and effective operational, financial, administrative and technical policies and procedures manuals capable of providing the required information for sound decision making and improved performance benefiting from the Yemeni, regional and international experiences in microfinance good practices.
We will also work to spread and reinforce the culture of microfinance and on time repayment within the Yemeni community in order to reach 25 thousand active financings and 75 thousand current savings accounts by the end of 2015. We will do this in collaboration with the Social Fund for Development and the Yemeni Microfinance Network, and in accordance with the rules and regulations of the Central Bank of Yemen.