First Bank To Operate On Basis Of Islamic Law Opens In Syria - Middle East News August 28, 2007
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First Bank To Operate On Basis Of Islamic Law Opens In Syria - Middle East News
Syria on Monday opened its first Islamic bank - one that operates exclusively on the basis of Shariah, or Islamic law - with a starting capital of 5 billion Syrian pounds ($100 million).The opening of the Kuwaiti-owned Cham Islamic Bank in Damascus was attended by Syrian Finance Minister Mohammed al-Hussein and Adib Mayaleh, governor of the Central Bank.
Adnan Mosallem, head of the Cham Islamic Bank’s administrative council, said the bank would start business by offering various financial services in accord with Islamic law.
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