The idea of founding Al Baraka Bank Syria emanated from the first conference of Arab investors which was held in Damascus 1993 headed by Sheikh Saleh Abdullah Kamel Chairman of Dallah Al Baraka Group.
1993
1994
In the shadow of the investment environment at that time which was supported and enhanced by the state through participation of all national energies from different economic sectors in order to develop national economy, Sheikh Saleh Abdullah Kamel presented the idea of establishing Islamic financial companies such as investment funds companies, rental finance companies and Islamic banks which all work as per the Islamic rules which serves the public interest and meets development needs and enhance the ability of national economy.
In 2001, the state decided to allow establishing traditional banks, but because the Islamic banks way of work is different from the traditional banks way of work, it was decided to prepare a law to organize Islamic banks work. The objective was achieved when the President of the Syrian Arab Republic Dr. Bashar Al-Assad issued the legislative degree No.35 in 2005 to establish Islamic
2001
2008
and after that the work started in several fields. By entrustment of the Syrian Counseling Office for Development & Investment, Al Baraka Banking Group (Bahraini Public Stock Company) which is known with its pioneer position in the field of Islamic money exchange, prepared the feasibility study required to establish an Islamic bank in Syria. During that period, elite group of Syrian businessmen were invited to participate in establishing the bank.
Application for approval was submitted to the Central Bank of Syria and upon approval, several gulf financial establishments and economic personalities who are famous around the world expressed their will to participate in establishing the bank. On 04.11.2008, an application was submitted to the Central Bank of Syria to add new founders to the founders' list and amend the license resolution and the bylaw of the bank. The approval to amend the license resolution and the final approval to establish the bank was issued by the Prime Minister on 18.01.2009.
2009
2010
The contribution process took place within the year 2009 (from 04.10.2009 till 04.11.2009) and it achieved excellent success as the coverage ratio was more than four times of the required amount which confirms how much the shareholders trust Al Baraka Bank. At the end of contribution process, the bank started preparing the test launch of the bank and prepare all kinds of operations and its started working in Syrian market on 14.06.2010.
