Islamic banks open in Syria during 2006
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Date: Mon, 30 Jan 2006 23:23:01 -0000
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http://www.arabicnews.com/ansub/Daily/Day/060127/2006012705.html

Islamic banks open in Syria during 2006

Syria, Economics, 1/27/2006 
Syria's Deputy Prime Minister for Economic Affairs Abdullah Al-Dardari
said Thursday the current year will witness the opening of several
Islamic banks in Syria for the first time.

Syrian President Bashar Al-Assad had issued a decree to grant licenses
for Arab banks and financial institutes to establish Islamic banks in
the country, with a capital of 100 million US dollars.

Al-Dardari said in statements to the press, that the Islamic banks had
started paper work for obtaining the licenses and presenting all
applications to the Syrian government.

He added, the Syrian market is ready for such developed activities,
and added that the banking sector in Syria will participate in
developing the public monetary sector, to enable it to develop and
finance trade and investments in the country.

The Syrian government had permitted the opening of commercial banks in
2002, within the framework of the economic reform program in the country.









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