By NNN-KUNA
Damascus : The first Syrian Islamic bank, which is financed by several Kuwaiti financial and investment groups, is to be launched Monday as the first banking institution in Syria to operate under Islamic Sharia.
The launch of the new institution, called Sham Bank, is to be attended by several Kuwaiti officials besides the Syrian officials representing the banking and monetary sectors.
The Kuwaiti stakes prevail in the new bank, which was licensed last year with a basic capital of 5 billion Syrian pounds or USD 100 million. Later, this figure was raised to USD 200 million along with any future Islamic bank which opens in Syria.
Kuwaiti stake-holders in the new Syrian bank include the Kuwaiti Islamic Investment House with a 10 per cent stake, the Islamic Development Bank with 9 per cent, the Kuwaiti Equities Group Company with 5 per cent, the Al-Shal Investment Company with 4.5 per cent, the Al-Mahib Holding company with a 3 per cent stake and the Syrian-based Kuwaiti United Investment Company, also with 3 per cent.