By NNN-KUNA
Damascus : Syria has inaugurated the Al-Sham Islamic Bank, the first such bank in the Arab country, with Kuwaiti shareholders and investors participating.
The launching of the bank was attended by Syrian Minister of Finance Mohammad Al-Hussein, Governor of the Central Bank of Syria Adib Mayala and Board Chairman of Al-Sham Islamic Bank and Board Chairman of Kuwaiti Islamic Investment Dar Adnan Abdul-Qader Al-Musallam as well as a number of leading economists, industrialist and financiers from both countries.
The executive committee of the bank will draw a plan for funding and investment on the Syrian market which has its own privacy, Al-Musallam told KUNA.
The bank aims to give momentum to economic development in Syria, focusing on areas of least risks.
Kuwaitis and investors from other GCC members account for 49 per cent of the capital of the bank, he pointed out.
The Kuwaiti investors account for the lion’s share in the USD 100 million capital of the bank which was licensed in 2006. Under a Syrian cabinet decree the capital was raised to USD 200 million.
The Kuwaiti shareholders include the Investment Dar which accounts for 12.5 per cent of the shares of the bank, the Commercial Bank of Kuwait 10 per cent, the Islamic Development Bank with 9 per cent, Kuwait Securities Group 5 per cent, Al-Shal Investment Co 4.5 per cent, and the Damascus-based United Kuwaiti Investment Co, 3 per cent.
The bank raised to 290 the number of Islamic banks which saw a remarkable boom in the last five years worldwide.
The world’s operating Islamic capital is estimated at USD 500 billion, accounting for 25 per cent of the banking sector worldwide.
The bank offers a broad spectrum of financial services for companies and individuals alike.