43 Arab Microfinance Institutions Recognized for Transparency

Microfinance Focus, June 4, 2010: Microfinance Information Exchange (MIX) has yesterday granted certificates of transparency to 43 microfinance institutions (MFIs) from Arab countries at the Sanabel Annual Conference. These certificates recognize MFIs for their contribution to improving the transparency, quality, and reliability of microfinance information.

Three MFIs – Al Majmoua of Lebanon, Al Amana of Morocco, and Enda of Tunisia – received 5 Diamond certificates, the highest level of transparency awarded by MIX. A 5 Diamond ranking indicates that an MFI has reported general information, outreach data, and financial data for at least two consecutive years, as well as providing audited financial statements and a rating or other due diligence report. An additional 40 MFIs from the Arab region received 4 Diamond awards.

Sanabel is the Microfinance Network of Arab Countries and conducted its Seventh Annual Conference from June 1st -3rd, 2010 at the Convention Palace in Damascus, Syria. The theme of this year’s conference was “Responsible Growth: Learning from Global Trends and Regional Experiences”. The conference recognized and awarded outstanding microfinance institutions and entrepreneurs from the region.

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