Ibdaa Bank for Small and Microfinance Launched in Syria

Aug 2010
Syria, August, 20 2010 - Ibdaa Bank for Small and Microfinance was launched in Syria as part of the Arab Gulf Program for United Nations Development (AGFUND) for fighting poverty and unemployment.

The launching of Ibdaa Bank came during a meeting on Thursday of the founding board of the bank and representatives of AGFUND  and the Public Commission for Employment and Enterprise Development (PCEED).

Representative of AGFUND Nasser al-Qahtani said that the bank aims at improving the economic and social conditions of low-income families and owners of small and micro businesses.

"The bank seeks to become a sustainable financial institution able to compete strongly in local market," al-Qahtani added in a press conference.

The bank has a plan to offer 407.000 loans over the five coming years through opening 40 branches all over the Syrian provinces, which will provide more than 500 job opportunities.

Head of the Board of Directors of Ibdaa Bank Hasan al-Jabiri said the Bank aspires to play an active role in microfinance sector locally, regionally and internationally through its commitment to its goal of improving the living conditions of poor families.

He added that the bank will offer a variety of services, guarantees and products that will be made available to clients through the best latest international mechanisms of providing financial services to poor people.

Representative of the PCEED Mujahed Abdullah said the bank, which is a non-profit bank shared between the government and the private and civil sector, targets the most needed areas seeking to reduce unemployment and improve the situation of poor families through providing full financial services in both the traditional and Islamic ways.

Source : Zawya

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