A cooperation agreement with the Arab Insurance Company to provide insurance services

The Ebdaa Microfinance Bank and the Arab Insurance Company “Syria” signed a cooperative work to provide insurance services to borrowers who own small and micro-enterprises. The agreement, which was signed at the bank’s headquarters in Damascus, stipulates that the Ebdaa Microfinance Bank will allocate outlets for issuing the insurance documents that the company provides to borrowers from the bank, based on the Microfinance Banks Law and the decision of the Insurance Supervisory Authority that includes the controls for the work of these banks in the field of insurance. According to the agreement, the aforementioned company undertakes the training of employees chosen by the bank to manage the issuance outlets under its supervision, whether for life insurance policies for borrowers, the assets of their projects, or against risks and other insurance products. In a statement to a SANA correspondent, the bank’s CEO, Adeeb Sharaf, confirmed that the agreement represents one of the steps in implementing the provisions of Law No. 8 of 2021 regulating the work of microfinance banks, which allowed them to provide insurance and reinsurance services to Syrian insurance companies in accordance with the controls set by the Insurance Supervisory Authority. Pointing out that Establishing insurance booths in the bank’s branches and offices contributes to spreading the culture of insurance among borrowers and those dealing with the bank and providing financing insurance solutions to them that contribute to covering their financial needs, indicating that borrowers from the bank can benefit from insurance services, whether related to their project’s property or life insurance, indicating that the bank focuses It significantly contributes to providing financial insurance services to the agricultural sector. The Director General of the Arab Insurance Company, Nasser Al-Halawani, explained that there has been a move towards opening insurance outlets in the branches and offices of the Ebdaa Bank in accordance with the controls of the Insurance Supervisory Authority, indicating that 6 outlets will be opened according to the agreement and work is underway to increase them to cover all governorates, noting that the agreement contributes in the next stage by providing Other insurance services, including car insurance and health insurance. It is noteworthy that Law No. 8 of 2021 allowed microfinance banks, in addition to insurance services, to accept deposits in the Syrian currency, provide financing and financial products with or without guarantee, open current accounts, save and invest in government securities and securities issued by the Central Bank of Syria, and provide advice and guidance in the areas of administrative, marketing, technical, and training services. Conducting research and transferring funds within Syrian territory.