Al-Baraka Bank (122)


The aggregate balance sheet of Syria’s private sector commercial banks rose 13.4 percent on a quarterly basis in the first three months of this year thanks to a surge in the assets of Syria International Islamic Bank.


Updated February 20: Syria’s private banking sector saw a decline of some 13.5 percent in total assets last year although it managed to increase revenues and profits, largely on the back of foreign currency revaluations.


Syria’s stock exchange continued its downward spiral with the market’s main index shedding an additional 0.50 percent over the course of the week.


As Banque Saudi Fransi announced that it was quitting the Syrian market, Al-Baraka Bank said that it was planning to expand its presence in the country.


Syria International Islamic Bank, one of Syria’s largest private sector commercial banks, and its largest Islamic lender, has announced a 23 percent decline in its asset base in the first six months of this year.


Nasser al-Kharafi, the Chairman of the Kuwaiti Kharafi Group that has large interests in Syria, died in Egypt on April 17 of a heart attack.


The assets of the Syrian commercial banking sector increased 11.2 percent at the end of last year, according to the Central Bank of Syria.


The Kuwaiti Syrian Holding Company (KSH) has begun excavation works on a new high end residential project in Yaafour, according to its Chairman, Mahmoud Al-Nouri.


The National Bank of Kuwait has received a license to open a USD 200 million subsidiary in Syria, becoming the seventh bank from the Gulf to operate in the country.


The Ministry of Finance has announced that it was holding today an auction to sell SYP 3 billion worth of Treasury Bonds.


The Syrian Government will sell treasury bonds next week after an auction for short-term bills, the first in decades, was held last Monday, Mohammad Hussein, Minister of Finance, told The Syria Report.

The Syria Government has raised SYP 13 billion from local banks to finance its 2010 cotton crop, according to a local media.

The number of bank branches managed by the public and private sector across Syria reached 481 at the end of September.


The number of branches and offices run by private sector banks in Syria increased by around 13 percent in the first half of this year.


Islamic banking services and products


Al-Baraka Bank Syria (ABBS) will hold its initial public offer on October 4 for a period of one month.



Al Baraka Bank Syria (ABBS) received on August 3 a formal approval to conduct its initial public offer.

The Syrian Commission on Financial Markets and Securities (SCFMS) has asked the founding shareholders of Nour Takaful Company to dissolve the company after the IPO it organized failed to raise money.

Islamic International Arab Bank received on May 5 a preliminary approval to set-up an Islamic bank in Syria.


Emirates Islamic Bank, Al-Rajhi Group and Kharafi Group are taking stakes in Al-Baraka Bank Syria, the Islamic Bank under establishment in Syria.