SIIB Discusses Formulas of Islamic Finance

DAMASCUS, (ST)- Syrian International Islamic Bank (SIIB) recently held workshops on governance and formulas Islamic finance on the importance and the role of companies in promoting the growth and sustainability of Islamic banking institutions in the long term and the most important formulas of financing in which the Islamic banks operate.

The participants discussed in the three -day sworkshops a number of the most important themes of governance and  its bases, characteristics,  goals and experiences of banks and international companies in the field of application of governance as well as the reality of the application of governance in Syria and contradictions in powers.

They pointed to the role and responsibilities of the relevant authorities of banking governance and the role of international and Islamic accounting standards in the promotion of bank governance in Syria and guidance on best practices in the disclosure in the context of governance in banks.

The participants also discussed the most important funding formulas applied in the Islamic banks under sub-headings and speculative issues in accepting deposits in addition to the basic operations in international trade.

For his part, the Chairman of the Board of Directors Dr. Aziz Saqr pointed out that the bank seeks to cope with the developments that the financial and banking business requires and strengthens governance practices, explaining that the Bank has adopted, since its foundation, several initiatives and procedures for corporate governance through mapping out a comprehensive framework  for governance approved by the authorities concerned.

For his part, the Executive Chief Abdul Qader al -Dweik said that the bank aims through these workshops to raise the level of performance and enhance corporate governance practices, praising the efforts exerted by the supervising bodies in Syria represented by the Central Bank of Syria and the finance markets through their keenness to develop standards for corporate governance in order to improve transparency, disclosure and risk management. 

It is noteworthy that Syrian International Islamic Bank was established with a capital of 5 billion Syrian pounds and began providing banking business in the third quarter of 2007.

Sharif al -Khatib