First Conference of Islamic Banks and Financial Institutions Opens in Damascus
Syria, Economics, 3/15/2006

Syria's Minister of Finance Mohammad al-Hussein on Monday opened the first Conference of Islamic Banks and Financial Institutions in Damascus titled Prospects of Islamic Banking In Syria with the participation of many banks from Arab states as well as Britain, Pakistan, Bangladesh and Nigeria.

Hussein said in an opening speech that this event coincides with important and serious steps taken by the Syrian government to overhaul the financial and banking sector, including the banks and financial institutions which will run their activities according to Islamic Sharia regulations.

He pointed out that the Legislative Decrees No. 35 and 43 for the year 2006 on allowing Islamic banks and insurance companies to operate in the country and was first significant step for this sector.

The minister expressed confidence that 2006 will see the emergence of Islamic banks and establishments as the State Commission for Supervision on n Insurance has granted permission to two Islamic insurance companies to work in Syria.

Representatives of banks from Britain, Pakistan, Nigeria, Bangladesh, Sudan, Qatar, Kuwait, Bahrain, Saudi Arabia, The United Arab Emirates, Yemen, Tunisia, Morocco, Egypt, Palestine, Libya, Algeria, Lebanon, Jordan and Syria are participating in the two-day Conference.

The Conference is organized by the al-Salam Company for International Conferences and Exhibitions with the sponsorship of the Bahrain-based General Council of Islamic Banks and Financial Institutions.

The Grand Mufti of the Republic, Sheikh Ahmad Badruddin Hassoun, delivered a speech at the Conference on economy and capitals in Islam as stated by the Holy Quran and the teachings of the Prophet Muhammad.

He asserted that god sent the prophets to organize economic, social and moral life of man.

Secretary General of the General Council of Islamic Banks and Financial Institutions Izzuddin Khouja also spoke about the successful 30-year experiments of Islamic banks based participation in loss and win and taking part in the society's economic and social advancement.

Previous Stories:
  Bahrain to have largest Islamic bank in the world   (3/6/2006)
  Islamic banks open in Syria during 2006   (1/27/2006)
  Conference on latest developments of banking sector in Syria   (6/28/2005)
  New banks to open in Syria   (4/13/2005)

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