Syria Islamic International Bank opened for business on Saturday in its temporary headquarters at the Meridian hotel, providing banking services and advanced financing and investment based on Islamic laws. According to SANA, the bank provides a variety of services including deposits, attracting investment and Islamic financing that caters to all social and economic sectors of the Syrian society. The bank's general director Abdelkader Dwaik stated that the bank is keen on fulfilling the requirements of clients, both companies and individuals, starting from the level of house, car and home appliances, insurance for individuals, financing small and medium-sized development projects, and finally financing major development projects.
The Islamic banking sector in Syria has been expanding in recent times. Earlier this year, Dubai Islamic Bank (DIB) announced that it had received an approval from the concerned authorities in Syria to establish an Islamic bank in the country.
In 2004, the Syrian government approved the establishment of the first Islamic bank in Syria, Qatar-Syria Islamic Bank.