DAMASCUS - On the occasion of licensing of the International Islamic Bank of Syria ( IIBS), established on partnership between the International Islamic Bank of Qatar and a number of Qatari investors, the Foundational Board of the International Islamic Bank of Syria held a Breakfast banquet at al-Nubalaa Palace in Damascus.
Finance Minister Dr. Mohammed al-Hussein stressed the importance of the participation of the International Islamic Bank of Qatar in the establishment of the IIBS which will not be limited to the establishment of the Bank but in the establishment of a joint liability insurance company with a capital estimated at S.P. 850 million. The Qatari side will own 49 percent of the capital of the company including 15 percent owned by the International Islamic Bank of Qatar.
Dr. al-Hussein added in a speech during an overnight banquet that the launching of the IIBS will constitute an important addition to the banking work in Syria and it will accompany very important changes in the Syrian economy towards the gradual move to the social market economy.
The Qatari side owns 49 percent of the bank capital while the remaining 51 percent will be available for the public subscription in the Syrian market soon.
For his part, Dr. Adib Mayaleh, Governor of the Central Bank of Syria, stressed that the Syrian economy has proven a high efficiency and qualification, a move that encourages world and Islamic banks to invest in the Syrian banking market.
Dr. Mayaleh hailed the experience of the Islamic banks which achieved big success and encouraged a well-known World Banks to open Islamic windows for their dealings for maintaining their shares in the banking markets. He asserted that the Syrian government will offer all possible support to the licensed Islamic banks.
Dr. Mayaleh pointed out that the entrance of the Islamic Banks into the Syrian banking market will participate in the entrance of big savings and deposits to the circle of the national economy and create variety in the banking performance and services.
For his part, General Director of International Islamic Bank of Qatar and Member of the Foundational Committee of IIBS Abdul Baset al-Shibi thanked the Syrian government for the big facilities it had offered to the establishment of the bank.
He said the experience of the Islamic banks achieved big success, asserting that the Islamic deeds will reach more than USD 9 billion for this year which reflects a big turning point in the Islamic banking performance.
In a statement issued on the occasion of foundation of IIBS, Chairman of the Foundational Committee of the bank Sheikh Khalid bin Thani bin Abdullah Al Thani hailed the strong partnership between the Qatari and Syrian investors which gave the bank a pioneer role in supporting the Syrian economy and enhancing economic reforms and investment openness Syria is witnessing.
He stressed that the Bank had a decision to enter the Syrian market because of its confidence that this market ensures a promising investment opportunities in all sectors, an initiative that encourages the gulf and Arab investors to invest in Syria.
He pointed out that the new bank will achieve a high additional value for the Syrian banking industries in a way that contributes in building an promising production base and enhancing the role of the Islamic banking sector in the national economy.
By H.Zein and Zahar
© SANA (Syria Arab News Agency) 2006
