This paper was produced with the support of the Microfinance Network of Arab Countries: Sanabel, which, together with its country affiliates, did the extensive yearend 2002 survey and the year-end 2003 mini-survey.

This survey is the third in a series of publications documenting the state of microfinance in the Arab States Region and tracking the development of this young industry over time. It attempts to map out the major suppliers of microfinance in the region and highlight the challenges and opportunities present for developing a mature industry.