Syria International Islamic bank was established as a Syrian private anonymous joint stock company with a capital of 5 billion Syrian pounds under a developed Islamic financial vision of a strategic partnership between the private sectors in the Syrian Arab Republic and the State of Qatar.
On September 7, 2006, the Syrian cabinet approved the license to lunch Syria International Islamic Bank and to carry out its work according to the terms of the legislative Decree No. 35 (2005) that opens the door for establishing Islamic banks in Syria. Establishing the bank was the idea of Qatari investors headed by Qatar International Islamic Bank, a group of Islamic companies, institutions and individuals as a result of their awareness and conviction of the feasibility of investment in Syria due to the fact that Syria is an stimulus investment environment and a strategic safe place for Arab investment. At that time, a Qatari committee of founders was established headed by Shaikh, Dr. Khaled bin Thani Al Thani, the chairman of Qatar International Islamic Bank's board of directors with a membership of Dr. Yousuf Ahmed Al Naama , a member in Qatar International Islamic Bank Board of Directors, and Mr. Abdull Baset Al Sheebi, CEO of Qatar International Islamic Bank. They exerted distinguished and continual efforts with the help of the Central Bank of Syria, and the different official bodies related to investment, finance, and banking to achieve the goal. According to the law of establishing private and joint banks No.28 (2001), the Qatari founders submitted applications for getting the license. That was an important historic event in the history of establishing Islamic banks in Syria, and a good beginning of Syria International Islamic Bank.
Bank’s Ownership According to law No. 28 (2001), which gave the chance to the non -Syrian investors to participate in establishing private banks with 49 % shares as maximum. Share dividend was as the following: 1- Qatar International Islamic Bank (the main strategic founder) with 30% shares of the capital which equals 3 million shares. Its nominal value 1.5 billion SYP.
2- The following names of the Qatari founders with 19% shares which equals 1.9 million of the share capital. Its nominal value is 950 million SYP.
Value in Syrian Pounds
Burooq Trading Company
His Excellency Sheikh Thani Abdullah bin Thani Al Thani
Islamic Insurance Company of Qatar
Private Projects Company
His Excellency Mr. Yousuf Hussen Kamal
His Excellency Dr. Yousuf Ahmed Al Naama
His Excellency Mr. Abedullah bin Naser Al Mesnad
His Excellency Sheikh Hamad bin Thamer Al Thani
His Excellency Sheikh Fahed bin Fiysal Al Thani
His Excellency Sheikh Ali bin Abdullah Al Thani
His Excellency Sheikh Hamad bin Saheem Al Thani
His Excellency Dr. Hussain Al Abdullah
Based on the Qatari bank founders concern and certainty of the necessity of making the shareholders' base a big wide and solid, and after preparing the Initial Public Offering (IPO) of the bank surplus shares, 51% of the capital, during the establishment, the Initial Public Offering (IPO) of shares was announced to all categories in the Syrian community including individuals, institutions, and companies. The IPO process ended successfully on 4/3/2007 where the subscription rate was 336%. The total number of the subscribers was about 15 thousands. This was the largest IPO in Syrian history.
Therefore, Syria International Islamic Bank is considered the largest private bank among private sector banks in terms of the volume of full paid capital and the number shareholders.
During the establishment phase and before the operational phase, the Founders Committee was keen on building a solid base for establishing the bank according to the latest concepts of developed Islamic financial banking in particular and a developed banking business in general.
Bank's name and logo philosophy was created in addition to its future vision, mission, policy and substantial values mainly adhering to work according to the provisions of Islamic Shari’a.
The bank institutional structuring was assigned to a specialized consulting firm, which prepared various work policies and regulations and manuals of the procedures taken in different work sectors in the bank whether on the level of the general management departments, the branches or the different bank active centers.
A deliberate work plan was prepared, providing qualified staff with experienced in the Islamic banking work started, intensive training courses were held, a bank system was chosen, and defined characteristics of the bank branches network were adopted according to standardized model "Model Branch" in accordance with the bank identity and mission. With this administrative technical banking effort exerted by the founders committee, the first Board of Directors and the senior Executive Management, the bank started its work in two small branches (one branch is in the Dedman Hotel, Damascus on 15/9/2007and the second one is in Al-Azezia, Aleppo on 20/10/2007.
Under the patronage of Dr. Bashar Al- Assad, the president of SAR, the launch of the bank branches was celebrated on 5/6/2008 and the memorial board was unveiled to inaugurate the bank main branch in Alrawdah square, announcing the beginning of the work in the bank branches in Damascus (Alrawdah Square, Mazah Highway, commercial centers/Al-Harika and the Dedeman Hotel (previously the Meridian Hotel) and the main branch in Aleppo and Hama and Homs.