The Central Bank of Syria has announced that it gave permission to two local micro-finance institutions to open branches in Damascus and its suburbs.

The two are the National Micro-Finance Institution (NMFI), which is a venture by the Syria Trust for Development, while the second is Ibdaa, an Islamic lender founded by the Arab Gulf Program for United Nations Development Organizations.

Syria has 4 micro-finance banks. Besides these two are the First Microfinance Institution – a venture by the Aga Khan Development Network - and Bab Riz Jameel for Microfinance – a venture by Saudi Arabia's Abdul Latif Jameel Co.

NMFI will open a branch in the popular district of Al-Zahirah Al-Jadidah, while Ibda will operate in Jaramana, a Damascus suburb.

Micro-finance institutions in Syria are mostly present in poorer parts of the country.