The Ibdaa Bank was recently launched in Syria with the support of the Arab Gulf Program for United Nations Development (AGFUND), an initiative for alleviating poverty and unemployment. The Ibdaa Bank is intended to improve the economic and social conditions of the low-income population by supporting micro- and small businesses.
Ibdaa Bank, which is a nonprofit bank operated by both the government and the private and civil sectors, plans to offer a range of both traditional and Shariah-compliant financial services. No financial information or ownership details are available for Ibdaa Bank.
By Jennifer Shevock, Research Associate
About the Arab Gulf Program for United Nations Development (AGFUND):
The Arab Gulf Program for Development (AGFUND) is a regional development funding organization based in Saudi Arabia. AGFUND was established in 1980 upon the initiative of His Royal Highness Prince Talal Bin Abdul Aziz Al Saud of Saudi Arabia and with the support of the leaders of the Gulf Cooperation Council countries (United Arab Emirates, Kingdom of Bahrain, Kingdom of Saudi Arabia, State of Qatar, Sultanate of Oman and the State of Kuwait).
AGFUND works in the field of development at the international level through a partnership with the United Nations, a global organization promoting peace and improved living standards; international, regional and national development organizations; public institutions; the private sector and civil society organizations.
Sources and Additional Resources:
“Ibdaa Bank for Small and Microfinance Launched in Syria ” August 20, 2010. http://www.zawya.com/story.cfm/sidZAWYA20100820065408
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