Damascus-SANA
The Board of Commissioners of the Securities and Markets Authority has approved the issuance of 250 million shares with a total value of 25 billion Syrian pounds by the National Islamic Bank Company, a public joint stock company “under establishment,” and 62.5 million of them were offered for public subscription with a nominal value of 100 pounds per share, with a total value of 6,250 billion Syrian pounds. For the purpose of establishing the National Islamic Bank Company as a private Islamic bank in Syria.
The Presidency of the Council of Ministers allowed the establishment of a private Islamic bank in the form of a Syrian public joint stock company in the name of the “Islamic National Bank” with a capital of 25 billion Syrian pounds distributed over 250 million shares, the value of which is 100 Syrian pounds, and its headquarters is in Damascus.
The subscription to the bank’s shares began, according to an announcement by the Authority, a copy of which was received by SANA since last Tuesday, and continues until the end of work on Sunday, September 5. In the event that the required subscriptions are not covered, the subscription period will be extended for another period to be announced later.
According to what was stated in the bank's statement to the investors, the subscription is limited to Syrian natural persons only, as legal persons cannot subscribe because the founders are legal persons who have subscribed in the full percentage allowed to them.
According to the statement, the price of the share offered for subscription is 100 Syrian pounds for resident Syrians. As for non-resident Syrians, the value of their shares will be paid in foreign exchange according to the exchange rate contained in the banking and exchange bulletin as it was on the day before the start of the subscription.
In its announcement, the authority set the minimum subscription, which is 5,000 shares, at a value of 500,000 pounds, while the maximum is 5 percent of the capital, not exceeding 12.5 million shares, valued at 1.25 billion pounds.
This percentage includes the shares subscribed by the subscriber’s wives and children collectively. The subscription application form can be obtained, filled out and submitted according to the statement to one of the branches of the Industrial or Commercial Bank or Sham Bank during the mentioned period specified for 20 days with copies of the identity document and a passport or identity A personal and family record release that has not been issued for more than 3 months. As for Syrian citizens residing outside Syria, they submit the same documents mentioned in addition to a document proving that they are not residents, such as a copy of the passport page on which the residence is on, or the residence document, provided that their subscription requests and their amount reach any of the banks Subscription before the deadline.
