BMG seeks investors for Syria’s first Islamic bank
The Syrian BMG firm is currently completing official procedures for the opening of Syria’s first Islamic Bank. The company extended a partnership proposals to Kuwaiti, Saudi and Emirati firms, according to which the selected foreign investor would hold 49 percent of the bank’s capital.
The Syrian party in the joint venture includes 15 local investors who will receive five percent capital shares each, BMG head executive Basil Al-Ghalayini told Al-Hayat . Syria’s first Islamic bank will be based in Damascus, with future branches expected to open in Latakia, Homs and Aleppo.
The Syrian parliament passed a law earlier this year permitting the introduction of private banks, in an attempt to modernize the banking system and enhance investment for the private sector. According to the new regulations, private banks’ initial capital should stand at a minimum of $30 million.
A total of 102 applications to set up private banks in Syria has been filed with the economy ministry, reported Tishrin. Approvals have yet to be released while the ministry still awaits the finalization of a legal framework for private banking and amendments of Syrian law on foreign currency transfers. — (menareport.com)
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