Syria International Islamic Bank
Native name | بنك سوريا الدولي الإسلامي |
|---|---|
| Company type | Public |
| Industry | Banking, Financial services |
| Founded | 2007 |
| Headquarters | Damascus, Syria |
Area served | Syria and abroad |
Key people | Abed Fadila (Chairman of the Board of Directors) |
| Products | Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management |
46,819,497,227 Syrian pound (2023)  | |
| Total assets | 128,485,096,512 Syrian pound (2023) |
| Website | www |
The Syria International Islamic Bank (SIIB) (Arabic: بنك سوريا الدولي الإسلامي) is an international bank in Syria.[1][2] It was established in 2007 and is a Syrian bank the capital of which is held by Qatari and Syrian shareholders.[3] It is a public company that has been listed on Damascus Securities Exchange since June 2009. It was formed as a partnership between the private sectors in the Syria and Qatar. It is located in Damascus, Syria.
History
Due to the Syrian civil war, the European Union and the Arab League frozed SIIB's assets and banned SIIB from financial and commercial systems,[4] for acting for or on behalf of the Commercial Bank of Syria (CBS), which had itself been banned, and for providing services to CBS's subsidiary, Syrian Lebanese Commercial Bank. From 2011 to 2012 SIIB facilitated financing worth almost $150 million on behalf of CBS, circumventing sanctions against it.[3]
Financial arrangements that were purportedly made by SIIB were actually made by CBS. In addition to working[5] with CBS to circumvent sanctions, in 2012, SIIB facilitated several substantial payments for the Syrian Lebanese Commercial Bank and facilitated a payment from this designated bank to an entity of proliferation concern.[5]
In August 2011, CBS and its subsidiary, Syrian Lebanese Commercial Bank were subject to U.S. sanctions because of support to entities related to Syrian and North Korean proliferation of weapons of mass destruction.[6]
The U.S. government consulted with the Government of Qatar and the Government of Qatar agreed to take corresponding actions.[5][6][7]
Because of U.S. sanctions, Yusef Ahmed Al Naama, non-executive member of the Board of Directors from Qatar, resigned.[8] The announcement was on May 31, 2012.
References
- ^"Syria International Islamic Bank". Al Alarabiya. Retrieved 2012-06-15.
- ^"U.S. levies new sanctions on key Syrian bank". The Daily Star of Lebanon. Retrieved 2012-06-15.
- ^ abThe General Court annuls the inclusion of Syria International Islamic Bank in the list of entities subject to the restrictive measures against Syria
- ^"TREASURY SANCTIONS SYRIA INTERNATIONAL ISLAMIC BANK". U.S. Department of the Treasury. Retrieved 2012-06-13.
- ^ abc"U.S. Treasury Sanctions Syrian International Islamic Bank". Bloomberg News. Retrieved 2012-06-15.
- ^ ab"US Treasury Sanctions Syria International Islamic Bank". NASDAQ. Retrieved 2012-06-15.
- ^"U.S. sanctions Syria International Islamic Bank". Al Arabia. Retrieved 2012-06-15.
- ^"Qatari directors resign from the Board of Directors of Syria International Islamic Bank". Qatar International Islamic Bank. Retrieved 2012-06-15.
External links
- SIIB Syrian Homepage
- "International Islamic". Qiib.com.qa. Retrieved 2013-05-12.Bank Mainpage
