By KUNA,
DAMASCUS : The Chairman of AlBaraka Banking Group, Adnan Yousif, said on Tuesday AlBaraka-Syria Bank will kick off in Damascus in 2009 with a capital worth SYP 1.5 billion, some USD 100 million.
Al-Watan Syrian daily said the Bank will provide banking services and products according to the Islamic teachings to companies and individuals through a network of branches across the country.
Yousif said that in 2008, AlBaraka Group focused on expanding and entering new markets in Syria and Indonesia and on strengthening relations with partners, investors, and clients.
AlBaraka Bank exerted great effort to stand out in these markets, he added.
AlBaraka Group is planning to enter other new markets in the next stage according to the strategy approved by the board members, the bank chairman added.
AlBaraka Bank is the fourth to work according to the Islamic teachings.
The other three banks are Cham Bank, in which Kuwaiti financial institutions and groups own 49 percent of the USD 100 million capital, Syria International Islamic Bank (SIIB), in which Qatar also owns 49 percent of the USD 100 million capital, and the recently approved Syrian Iranian Commercial Bank (Banki).(end) tk.mar KUNA 061133 Apr 09NNNN