Capital Increase

Capital Increase

The bank was established with a paid up capital of SYP 5,000,000,000 distributed over 10,000,000 shares, with par value of SYP 500 per share.

In November 2010, the Bank increased its capital by SYP 461,381,500 in pursuant to the law No. /3/ for the year 2010 that modified Article /4/ of legislative Decree No. /35/ for the year 2005 which sets the minimum declared capital of Islamic Banks to SYP 15,000,000,000 distributed to par shares, and gives banks a time period of three years to comply with this requirement.

The bank increased its capital once again by SYP 2,038,618,500 in March 2011 bringing it to a total of SYP 7,500,000,000. Subsequently, the Board of Commissioners of the Syrian Commission on Financial Market and Securities approved in its decision No. 80/AM dated 28/06/2011 a request made by the bank to split the par value of its stocks according to the Decree No./115/ for the year 2010, and in line with both the stock splitting instructions stipulated in Decision No.49/M dated 07/04/2011, and the decision of the Minister of Economy No./1855/ dated 23/06/2011 which includes approving the amendment to the Bank's article of association with respect to the share par value, and according to the approval of the Board of Commissioners in its meeting No. /32/ dated 28/06/2011.

Consequently, the par value of the share amounts to SYP 100 for each share at a total number of 75,000,000 shares, with a total value of SYP 7,500,000,000. This was followed by a third increase of the capital by an amount of SYP 612,309,200 giving a total capital of SYP 8,112,309,200, and a fourth increase by an amount of SYP 387,096,500 giving a total capital of SYP 8,499,405,700.

In 2017, the bank increased its capital by SYP 1,062,425,700 through transferring retained earnings and reserves to the capital bringing it to SYP 9,561,831,400.

In 2018, the bank increased its capital by SYP 4,139,328,403 through transferring an amount of SYP 641,588,403 from special reserve and transferring a part of the retained earnings that amounts to SYP 3,497,740,000 bringing the Bank's paid up capital to SYP 13,701,159,803.

Finally, in 2019, the bank increased its capital by SYP 1,298,840,200 bringing it to SYP 15,000,000,000.

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