04 April 2006
Damascus - Minister of Finance Mohammad al-Hussein on Monday said the Cabinet agreed initially to give licenses to three Islamic banks, referring to Syria's efforts to go ahead in the economic reforms.
"The Government gave approval to the Islamic International Bank of Syria with a capital of 5 billions' Syrian pounds; its main shareholders are from Qatari banks.. Another approval was given to Bank of Baraka- Syria with also a capital of 5 billions Syrian pounds; its main shareholders are from Bahrain and Jordan," Minister Hussein added in a statement following a cabinet weekly session.
The Minister said that a third approval was given to Bank of Cham with the same capital of the two above banks, adding that its main shareholders are from Kuwaiti banks.
"The establishment of Islamic banks in Syria has an economic, banking and social necessity," Minister Hussein noted, expressing hope that these banks will start working as soon as possible.
On the new private insurance companies, Finance Minister said that the number of private insurance companies became 7 after the Cabinet gave approval to three new companies.
Approvals were given to the Syrian Confidence Company for Insurance, the Arab Orient for Insurance with a capital 850 billions Syrian pounds and the Syrian Arab Company for Insurance with a capital of 1 billions Syrian Pounds, the Minister concluded.
Damascus - Minister of Finance Mohammad al-Hussein on Monday said the Cabinet agreed initially to give licenses to three Islamic banks, referring to Syria's efforts to go ahead in the economic reforms.
"The Government gave approval to the Islamic International Bank of Syria with a capital of 5 billions' Syrian pounds; its main shareholders are from Qatari banks.. Another approval was given to Bank of Baraka- Syria with also a capital of 5 billions Syrian pounds; its main shareholders are from Bahrain and Jordan," Minister Hussein added in a statement following a cabinet weekly session.
The Minister said that a third approval was given to Bank of Cham with the same capital of the two above banks, adding that its main shareholders are from Kuwaiti banks.
"The establishment of Islamic banks in Syria has an economic, banking and social necessity," Minister Hussein noted, expressing hope that these banks will start working as soon as possible.
On the new private insurance companies, Finance Minister said that the number of private insurance companies became 7 after the Cabinet gave approval to three new companies.
Approvals were given to the Syrian Confidence Company for Insurance, the Arab Orient for Insurance with a capital 850 billions Syrian pounds and the Syrian Arab Company for Insurance with a capital of 1 billions Syrian Pounds, the Minister concluded.
By Mazen and S. Younes
© SANA (Syria Arab News Agency) 2006
