Grameen-Jameel, a social business that serves the Arabmicrofinance industry, has announced it has facilitated a multi-million dollar credit facilityfor the First Microfinance Institution (
FMFI) Syria, part of the Aga Khan Agency for Microfinance (AKAM), to help improve the lives of 2,700 underprivileged Syrians through credit, deposits and other financial services.
In November 2007, laws were introduced that allowed for the establishment of non-bank financial institutions (NBFI) and
FMFI is the first microfinance institution to receive a license under these new regulations, which allows for savings mobilisation through deposits.