President
Based on the Constitution

As approved by the People's Assembly at its meeting held on the date of 4-12-1431 A.H., 17-2010-2010,
The following are issued:

Article 1 Definitions:

The expression in application of this Law shall mean the meanings set forth by each of them:
-Company: Creativity bank for small and micro finance.
-Authority: General Authority for Employment and Enterprise Development.
-Agvend: Gulf Arab Program to Support United Nations Development Organizations.
-Board of Directors: Board of Directors of the Innovation Bank Small and Micro Finance.
-The Convention: The incorporation agreement signed between the founders of the company on the date of 18-8-2009.

Article 2 Establishment:

A Syrian contribution company is established in accordance with the provisions of this law and its statute is subject to the control of the Monetary and Credit Council and does not distribute profits to shareholders at any time from the duration of the company, extension or liquidation of the company.

Article 3 Company name:

The name of the company. The Innovation Bank for Small and Micro Finance."

Article 4 Company headquarters:

The headquarters of the main company in Damascus city and the board of directors may take in branches or offices inside the Syrian Arab Republic.

Article 5 Company Duration:

Company Duration 99 Ninety-nine years starting from the date of the announcement of the company's final establishment by the constituent general body. This term may be extended by a decision of the extraordinary public body following the approval of the competent governmental bodies.

Article 6 The purpose and objectives of the company:

1. To contribute to the reduction of unemployment and poverty in the Syrian Arab Republic and to reduce their impact on the poor segments of the Syrian society, especially women and youth, in order to achieve self-reliance, through the exercise of their activities according to the policies and priorities contained in the plan State public.
2. Empowering people from targeted segments to start with their own projects capable of improving the standard of living and creating jobs for them and others.

Article 7 Company Activities:

1. Provide finance, financial products and microcredit with or without guarantee in the traditional and Islamic ways in accordance with two separate separate programmes.
2. Admission of deposits.
3. Investment in securities issued by the Government.
4. Providing training services, conducting research, issuing bulletins and preparing statistics on improving the economic situation of the poor.
5. Provision of insurance and reinsurance services to Syrian insurance companies for loans granted to the target in accordance with the controls established by the Insurance Supervisory Authority.
6. To possess the movable and immovable property necessary for the company to exercise its activities and to accept donations, commandments and donations in accordance with the laws and regulations in force.
7. Provide administrative, marketing and technical investments to any destination to help the poor and job seekers, as well as to help them obtain their services and help them obtain their services.
8. Borrowing the funds required for carrying out its business, some of its assets have been mortgled by a special agreement issued by the Monetary and Credit Council.
9. Conclusion of contracts for the exercise and implementation of its activities with public and private entities.
10. To contribute to or participate in institutions that have the same objectives within the territory of the Syrian Arab Republic after obtaining the approval of the Monetary and Credit Council.
11. Any other activities that correspond to the nature of their work and their objectives are approved in advance by the Monetary and Credit Council.

Article 8 Company Capital:

1. The capital of the company (366000000 L.S. 300, 66 million Syrian pounds) distributed to 73,2000 shares, which are nominally valued at 500.S. 500 Syrian pounds in cash and a single payment in the Central Bank of Syria Fund during the establishment period.
2. An increase of capital in one of the following ways may be approved by the extraordinary constituent organ of the General Assembly:
a. Introduce new partners and considers capital as amended to add the contribution of these partners to capital.
b. Issuance of new shares to be carried out by shareholders in the proportion of their contribution and in the event that a contributor does not subscribe to the equivalent of the percentage of its contribution, or part of it, to be distributed to other shareholders in the proportion of their contribution.
c. Add a portion of the reserves to capital by decision of the public body and with the approval of the Monetary and Credit Board.
3. The capital may not be reduced in any case.
4. Upon expiration, dissolution or liquidation of the company, all funds resulting from the liquidation shall be transferred to non-governmental and non-profit programmes and projects aimed at reducing unemployment and poverty following the approval of the competent governmental bodies

Article 9 The founders:

The bank is established by the government of the Syrian Arab Republic, represented by the body, the bodies and their partners listed in the founding agreement signed on the date of 18-8-2009, to be determined in the company's statutes.

Article 10 waiver of ownership of shares:

1. Shareholders may waive ownership of their shares only at their nominal value and after the approval of the Monetary and Credit Board and the Authority.
2. Except in the first paragraph of this article, no original or subsequent right to stock may be arranged, reserved or expropriled, and shall not be entered into the public guarantee of the creditors' creditors.
3. The assets of the company may be booked, mortgled and expropriowed for its non-debt.

Article 11 Company dissolution:

A company may be ordered to be dissolved only if it incurable losses that are difficult to remedy and lead to the company being unable to exercise its activities in earnest.

Article 12 Foundation expenses and expenses

The founders would lend all necessary expenses to establish the company and pay them from the company's fund once it has been established and on condition that such expenditure should be approved by the constituent public body after it was approved by an external auditor.

Article 13 Profits:

The bank establishes the form of a non-profit company for shareholders and does not distribute profits to them so that these profits are capitalized annually, and the capital is considered to be the arbitrate of the addition of capitalized profits, so as to promote the objectives that the company seeks to achieve.

Article 14 Founder's responsibility:

The founders of the Convention shall undertake all work necessary to establish the company and shall be responsible for all the harm caused by the establishment or non-completion procedures.

Article 15 Company management:

1. A Company shall be managed by a board of nine members with the expertise required to achieve the objectives of the company, which shall be formed as follows:
-Three members of the bush.
-One member of the body.
-Five members of the remaining shareholders are nominated by the FCA.
Governing Council decisions shall be taken in the presence of the representative of the Board.
2. An executive general manager of the company with extensive experience in small finance, or banking activity shall be named by a decision of the Board of Directors.
3. An administrative assistance contract may be signed with the bodies for a period of three years, renewable and subject to each renewal or amendment to the approval of the Monetary and Credit Council, which shall include all financial and non-financial benefits to be granted to the Fund for such assistance.
4. No compensation, cash or in-kind benefits may be granted to the President and members of the Board of Directors.

Article 16 Strategic partner:

The contribution of strategic partners (Agendas and FDA) is less who have experience in small finance about 20 % of the capital at incorporation.

Article 17 Statute:

The founders shall establish the statute of the company in a way that does not violate the provisions of this law and shall be approved by the Ministry of Economy and Trade after its adoption by the Monetary and Credit Council and its submission to the Cabinet for approval.

Article 18 Primary system update:

The statute may be amended with the approval of two thirds of the members of the extraordinary general body, including the strategic partner, following the approval of the Monetary and Credit Board, which shall not include the amendment under penalty of absolute nullity and liability for the following points:
1. The possibility of distributing shareholder profits.
2. September of the Company's assets resulting from the liquidation to a shareholder or any other person other than those mentioned in paragraph 4 of Article 8 of this Law or any other amendment to this paragraph.
3. Provisions related to the control of the Monetary and Credit Council and the Central Bank of Syria while it is not provided for in this law.

Article 19 Establishment procedures:

The procedures of establishing the company shall be subject to the general provisions provided for in Law No. 3 of 2008 With respect to contributing companies in a way that does not violate the provisions of this Act and the founders are exempted from submitting the required documents for bank licensing except for:
1. A photo of the personal card or what it does for natural persons.
2. The commercial register of legal persons or the legally established legal personality of the person.

Article 20 Taxes and fees

The company and its customers are exempt from the targeted segments set out in Article 6 of this Act from all taxes and fees under any designation under any contract or process, including mortgage and character fees, as well as income tax on income of all types.

Article 21 Data:

1. The Company is committed to preparing its data in accordance with the international reporting and accounting standards.
2. The Company shall nominate an external auditor from the list of auditors approved by the Central Bank of Syria.

Article 22 Reference:

The company is subject to everything that is not provided for in this law and in the company's statute. Legislative Decree No. 15 of 2007 and Law No. 28 of 2001 and Law No. 33 of 2007 and Law No. 3 of 2008 and Law 23 of 2002 and Legislative Decree No. 34 of 2005 and Legislative Decree No. 33 of 2005 .

Article 23

This law is published in the Official Journal.
Damascus in 103-1431 A.H., 232-2010, my birth

President
Bashar al-Assad

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