The Presidency of the Council of Ministers issued a decision allowing the establishment of a private Islamic bank in the form of a Syrian public anonymous joint stock company in the name of (Islamic National Bank) with a capital of 25 billion Syrian pounds distributed over 250 million shares, the value of the share is 100 pounds, and its headquarters is located in Damascus.
And according to Resolution No. 36 M.
The publication is in the official gazette, and SANA obtained a copy of it. The bank’s capital is contributed by non-Syrian legal persons, each of the Lebanese holding company, New Generation, with 49 percent of the capital, and from the Syrian shareholders of legal persons, the Investment Company for Transport and Logistic Solutions, limited liability, and contributes 1 percent.
The decision indicated that the Syrian shareholders are natural persons, Imad Ghosn by 4%, Rasin Twaini by 3%, Mustafa Ghazal Hamwi bin Muhammad by 4%, and Imad Hanna bin Hanna by 4%.
The decision pointed out that the shareholders of the public banking and financial sector in Syria, the Industrial Bank, contributes 10 percent of the capital, provided that the remaining shares, amounting to 25 percent of the capital, will be offered for public subscription.
In Syria there are three Islamic banks: Al-Sham Bank, Syria International Islamic Bank, and Al-Baraka Syria.