1. What is Micro Financing?
Microfinance is a category of financial services targeted at individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; micro insurance; and payment systems.
2. What is the social impact of Microfinance?
Microfinance promises income generation, employment and poverty alleviation in developing countries, this, in turn, can have positive social impact at different levels. One of the most important impacts of microfinance is effective role in women empowerment.
3. Why we support Entrepreneurs?
Libya has long suffered from economic instability, therefor, entrepreneurs find it difficult to start and sustain their businesses. Microfinance provides a solution to this problem by providing opportunities to access to microfinance products and services and giving them the ability to generate sustainable income and financial stability, thereby empowering the private sector at the local level.
4. What is the structure of the finances provided by Namaa Tamweel?
Namaa Tamweel will be the first Microfinance institution in Libya, and we will use the principles of Islamic finance starting with Murabaha.
5. What is the amount of finances that will be provided by Namaa Tamweel?
We, at Namaa Tamweel provide finances up to 25,000 LYD to our clients, using the principles of Islamic finance.
6. How long do we Have to pay back the amount?
Depending on the amount, repayments should be scheduled over 6 months to 2 years.
7. What drives me to seek funding from Namaa Tamweel?
At Namaa Tamweel we give you more than just funding, we help you review your project, study its feasibility and evaluate the budget. Our support team will be with you step by step, from where you entre the world of Namaa Tamweel until you reach your goals.
8. Who is Namaa Tamweel targeted for?
At Namaa Tamweel, we target every one of both genders aged between of 20 to 70.
Our potential clients are entrepreneurs, project managers, professionals, craftsmen and low-
income citizens with a desire and passion to move their projects from the planning stage to a
reality that ensures a stable source of income.
9. What kind of non-financial services does Namaa Tamweel provide?
In addition to financial services, Namaa Tamweel help empower its clients through providing them with financial planning and studies for their projects and offer them consultancy on how to better manage their financials and improve their businesses.
10. Required documents to apply?
• Passport copy.
• National number.
• Guarantors.
• Project financial records.
• Electricity bill if available.
• Official rent/ownership contract for working premises.
• Official rent/ownership of home.
• Official business registration and licenses to operate in the business sector.
• Any other needed paperwork deemed necessary by Namaa Tamweel staff.
11. How much is the fee for the non-financial services?
The basic non-financial services package includes the financial study for our clients and consultancy services will all be provided free of charge.
12. Can I apply for a second loan?
Yes – depending on the status of the business and your repayments records with Namaa Tamweel for your first loan.
13. What business projects do you mostly finance?
Namaa Tamweel will target existing projects owners who wishes to grow their project and expand their operations. Namaa Tamweel will finance projects from all sectors with focus on trade, services and industrial sectors. We will in some occasions provide finances to individuals to start their project or personal finances for home improvement purposes.
14. Who are the partners of Namaa Tamweel?
ATIB was selected by the UK Ministry of Development and International Cooperation as the first Libyan private bank and a strategic partner to establish the first microfinance institution in Libya in the form of Islamic banking and under the supervision of Expertise France to follow up the implementation of the project.
15. Can I apply online?
Currently all applications must be made at Namaa Tamweel branches, however, we are working on providing an online application form in the future.
16.Where are the branches located?
Tripoli:
That Al Emad, Tower 5, Ground Floor. Tripoli - Libya
Benghazi:
From the extension of Rowaisat st. Continuing through the roundabout.
On the right side of the commercial area adjacent to Benghazi Park.
Alhadaiq, Benghazi - Libya