DAMASCUS, 5 May 2005 — Syria yesterday approved the establishment of Islamic banks as part of the government’s strategy to reform its banking system and attract more deposits and investments into the country.
President Bashar Assad yesterday issued legislative decree for 2005 allowing Islamic banks to function for the first time in Syria.
According to the new decree, the establishment of the Islamic banks in Syria will be subject to the legal procedures and measures incorporated in previous banking laws governing joint and private banks in the country.
“Islamic banks will be subject to the same laws and procedures organizing the establishment and supervision of joint and private banks in the country, including the recently-introduced law on combating money laundering,” the decree said.