Damascus-Sana
The Central Bank of Syria today approved the application form that must be submitted to the Government Commission for Banks to license the Microfinance Bank in accordance with the provisions of Law No. 8 of 2021 and its executive instructions.
The form from which SANA received a copy includes the information and data of the bank to be licensed and which the founders must mention, namely “the proposed name of the bank, the legal form for it, an anonymous joint-stock company, the authorized capital, the total number of shares, the nominal value of the share, the number of shares to be offered for public subscription and the proposed address of the bank’s head office. “.
According to the form, the founders of the bank, if they are legal persons, are also obligated to mention “the full name of the founder, his nationality, type of activity, his commercial register number and date, the address of the head office, the description of the founder and the percentage of the contribution to the bank’s capital.” And if the founder is a public bank, he must mention the same data except for nationality and activity .
In the event that the founders are natural persons, they must, according to the Central Form, mention “the full name of the founder, his nationality, place and date of birth, the national number or passport number, the type of activity, the commercial register number and date, the address of the permanent residence and the percentage of the contribution to the bank’s capital.” The following information should also be mentioned on board The form is the “names and addresses of those authorized to follow up the procedures for establishing the bank,” in addition to the “names and signatures of the founders.”
The founders must attach the form to a license application confirming their readiness to submit any additional documents or clarifications to the Central Bank until the decision to register the microfinance bank in the registry of microfinance banks held by the Directorate of the Government Commission at the banks.
Head of the Licensing and Registration Department at the Government’s Commission for Banks at the Central Bank, Rani Deeb, confirmed in a statement to the representative of SANA that this form approved by the Central Bank is directed to everyone who wishes to apply for a new license to establish a microfinance bank and not to the existing micro-finance institutions, indicating that those wishing to establish can refer to the Commission to fill in The approved form and submit it with the necessary documents.
Deeb revealed that the Commission had previously directed a circular to the micro-finance institutions represented by the “Creative Bank for Small and Micro and National Finance for Small Finance and the First MicroFinance Institution” under which it requested it to start taking the necessary measures to reconcile its conditions, especially amending its name and the minimum amount of capital estimated at 5 Billions of Syrian pounds, in accordance with the provisions of Law No. 8 for the current year, which allows the establishment of microfinance banks.
Deeb pointed out that the Central Bank granted a license to a small finance institution on the basis of Law No. 15 of 2007 and recently formed its extraordinary public authority, and the procedures for registering it and reconciling its conditions and statute are currently being completed with the new Law No. 8 to start operating as a microfinance bank.
It is noteworthy that the experience of microfinance began in Syria after Decree No. 15 of 2007 until Law No. 8 for the current year came with a new vision that strengthened and gave great flexibility to the microfinance sector due to its importance and role in the current circumstances, according to the experiences of many countries that have adopted microfinance to accelerate economic development and improve The livelihood of people with limited and no income.
Wasim Al-Adawi