Youssef Abdo al-Kuraimi is managing director, Alkuraimi Islamic Microfinance Bank
Youssef Abdo al-Kuraimi
Position: Managing director, Alkuraimi Islamic Microfinance Bank
Biography: Youssef Abdo al-Kuraimi is a founding board member and chairman of Alkuraimi Islamic Microfinance Bank, Yemen’s first private-sector microfinance institution.
The bank was set up in 2010 as part of attempts by the Al-Kuraimi family to diversify beyond their existing Alkuraimi Express business, the biggest money transfer and exchange service firm in Yemen. Alkuraimi works with the Social Fund for Development on micro-payments to poor Yemenis, who do not have the funds to access the formal banking system. Only 4 per cent of Yemenis have a relationship with a bank, and just 0.6 per cent have access to credit.
Microfinance and loans to small and medium-sized enterprises are a key part of international institutions’ strategy to get Yemen’s economy working. Al-Kuraimi has a master’s degree in business administration from Sudan’s University of Gezira.
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