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The General Microfinance Decree: The Syrian Arab Republic
This law authorizes the establishment of "Social Financial Banking Institutions"
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In February 2007, Syria enacted the General Microfinance Decree. This decree authorizes the establishment of "Social Financial Banking Institutions." These institutions, which may be domestic or foreign-owned, will be permitted to: The decree is divided into 15 Articles:
- License to establish a financial banking institution
- Acceptance of deposits, provision of microcredit and other financial services;
- Minimum capital requirement;
- Compliance to international standards accredited for adequacy of capital;
- Non-Syrian shareholders provisions;
- Provision to establish branches and offices to diversify its network;
- Status of institution to include all provisions governing its activities and operations;
- In need institutions can deal in foreign currency through authorized commercial banks.
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