The parliament has approved the Microfinance Banks' Law in its session dated 22/03/09. The law is meant to facilitate the operation of these banks support the active poor developing their activities as one of the world recognized measures mitigating poverty and unemployment.
According to the law, the capital must be at least 2,5 million Dollars. And the CBY has the right to ask for the capital increase; and the Microfinance bank must provide a monthly report to the CBY.
Al-Amal Microfinance Bank represented by the Executive Director – Mr. Mohammed Al-Lai – played a key role in bringing that law into existence since he was a Deputy Governor in the CBY. Mr. Al-Lai considered the law as a turning point in the Microfinance industry in Yemen, in terms of the technical and professional aspects as well as the introduction of the internationally practiced supervision and control.
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