Middle East Economic Survey
Syria Inaugurates Its First Islamic Bank
Syria on 27 August inaugurated its first Islamic bank which operates on the basis of Shari'a law. Cham Islamic Bank, owned by Kuwaiti and Syrian investors, will have a capital of S5bn ($100mn) and will engage in the full range of Shari'a-compliant banking activities. The founders of the new bank have allocated 25% of its capital for public subscription. According to the Governor of the Central...