Aug 20 2010 |
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Ibdaa Bank for Small and Microfinance Launched in Syria
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.
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.
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.
© SANA (Syria Arab News Agency) 2010
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