Damascus-SANA
With the aim of activating micro and microfinance services and meeting the increasing demand for these financing services, Al Baraka Bank Syria announced the launch of the first center specialized in providing microfinance service in the city of Aleppo through Al-Furqan branch, and its actual activity will start at the beginning of next August.
The CEO of Al Baraka Bank Syria, Muhammad Halabi, explained in a statement to a SANA representative that the bank’s work plan requires launching four other centers specialized in micro and microfinance, successively, during the second half of this year in Tartous, Hama, Damascus countryside and Lattakia.
Halabi explained that the bank, through the new financing centers, targets all productive activities, whether industrial or agricultural, or to finance working capital or assets, while the ceiling of loans for financing small and micro enterprises reaches 50 million Syrian pounds, pointing out that the bank's work plan for the next year includes expanding The horizontal spread of micro and microfinance centers in the rest of the governorates.
Halabi pointed out that the bank's microfinance centers have sufficient flexibility to achieve their goals by understanding and meeting the financing needs of customers and providing products that fit these needs within various sectors by financing the projects' fixed assets or financing the operational cycle necessary to launch the project in accordance with Islamic banking standards.
Operating private banks are seeking to benefit from legislation, especially recently issued, such as Law No. 8 of 2021, which attaches great importance to small, micro and micro lending in order to achieve sustainable development through the establishment of small workshops that provide job opportunities and important incomes for business owners to reach the low-income and the destitute.
Waseem Al-Adawi