Al Baraka Bank launches the first center specialized in microfinance in Aleppo

Damascus (ST): With the aim of activating  microfinance services and meeting the increasing demand for these financing services, Al Baraka Bank 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 Executive Manager of Al Baraka Bank, Mohammad Halabi, explained in a statement to news correspondents that the bank’s work plan requires launching four other centers specialized in  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 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.

K.Q.