At the inaugural meeting of the Iraqi Microfinance Industry Network in Baghdad, representatives of all 14 Iraqi microfinance institutions (MFIs) present agreed to a Code of Conduct and Ethics that mandates ethical behavior and a commitment to serving low-income Iraqis.
The Code of Conduct & Ethics is a governing document that provides guidance on ethical lending practices and consumer protection principles. The code obligates the MFIs to uphold values such as high quality financial services, transparency, respect for religion, fair lending and collection practices, privacy of client information and integration of social values into business decision-making. The 14 participating MFIs reportedly include all that are operating in Iraq as of August 2010.
About Iraqi Microfinance Industry Network:
The Iraqi Microfinance Industry Network, formed in August 2010, is a collection of 14 microfinance institutions (MFIs) in Iraq. The network was created to assist Iraqi microfinance practitioners to mobilize support and standardize practices. All MFIs in the network have agreed to follow a Code of Conduct and Ethics that mandates ethical behavior and commitment to low-income Iraqis. As of 2009 the members of the Iraqi Microfinance Industry Network had a total outstanding loan portfolio of USD 88.2 million and approximately 64,000 clients.
By Matthew Fox, Research Assistant
Sources and Additional Resources:
Iraq Microfinance Industry: Code of Conduct and Ethics Adopted at Iraqi Microfinance Industry Network Inaugural Meeting, 7 September 2010: http://www.imfi.org/?q=en/node/179
MicroCapital Universe: Iraqi Microfinance Industry Network: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Iraqi+Microfinance+Industry+Network
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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