Syria approves Al Baraka banking partnership

Dubai: Emirates Islamic Bank, Kuwait Syrian Holding, and two Saudi investors from the Al Rajhi family have obtained Syrian government approval to partner with Bahrain-based Albaraka Banking Group to set up Al Baraka Bank-Syria.

The bank plans to sell 35 per cent of its shares valued at $35 million (Dh128.57 million) in an initial public offering in Syria, said Amir Assassa, a founding member of Albaraka Bank-Syria.

The investors plan to submit required documents to the Syrian Commission on Financial Markets and Securities in 10 days and carry out the IPO at the end of the first quarter.

Assassa added in a phone interview from Damascus that Albaraka Banking Group will own 23 per cent in the Syrian bank, Syrian investors 16 per cent, Emirates Islamic 10 per cent and Kuwait Syrian Holding, which is partly owned by the Al Kharafi Group, five per cent, he said.