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Syria International Islamic Bank

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Syria International Islamic Bank, (also known as SIIB),[1] is a Syrian private anonymous joint stock company of 201-500 employees that was founded in 2006 with a capital of 5 billion Syrian pounds with a supposed commitment to provide Shari’a -compliant services.[2][3][4] The Bank had an IPO on April 4, 2007.[5] This was the largest IPO in Syrian history.[6]

SIIB, was established in Damascus in September 2007[7] and has 20 branches and three representative offices throughout Syria.

The SIIB's SWIFT code is SIIBSYDA.[8]

SIIB released its most recent 2011 annual report.[9]

The government-controlled Qatar International Islamic Bank owns 30 percent of the shares of SIIB, which equals three million shares. Its nominal value 1.5 billion SYP.[10][11][12]. Qatari investors, such as members of the family of Qatar's emir Sheikh Hamad bin Khalifa Al-Thani and Burooq Trading Company, own another 18 percent of the bank, which equals 1.9 million of the share capital. Its nominal value is 950 million SYP.[13][14][15]

The United States,[16][17] the European Union, and the Arab League, have banned[18] the Syria International Islamic Bank (SIIB), from financial and commercial systems, for acting for or on behalf of the Commercial Bank of Syria and providing services to the Syrian Lebanese Commercial Bank during the 2012 Syrian Civil War. From 2011 to 2012, SIIB facilitated financing worth almost $150 million on behalf of the Commercial Bank of Syria, circumventing sanctions against the Commercial Bank of Syria.

Financial arrangements that were purportedly made by SIIB were actually made by the Commercial Bank of Syria. In addition to working[19] with the Commercial Bank of Syria to circumvent sanctions, in 2012, SIIB facilitated[20] several substantial payments for the Syrian Lebanese Commercial Bank, and facilitated a payment from this designated bank to an entity of proliferation concern.

In August 2011, Commercial Bank of Syria and its subsidiary, Syrian Lebanese Commercial Bank were subject to U.S. sanctions because of support to entities related to Syrian and North Korean proliferation of weapons of mass destruction.[21]

Also, the U.S. Government consulted with the Government of Qatar on the banning of SIIB and the Government of Qatar is taking corresponding actions.[22][23][24]

Because of U.S. sanctions, Dr. Yousef Ahmed Al Naama, the non-executive member of the Board of Directors from Qatar, resigned.[25][26] The announcement was on May 31, 2012.

References

  1. ^ "Syria International Islamic Bank (SIIB.XDSE)". Zawya Business Intelligence. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  2. ^ "Syria International Islamic Bank". Syria International Islamic Bank.
  3. ^ "Syria International Islamic Bank". Highbeam Business Report.
  4. ^ "Competing Successfully In Islamic Banking" (PDF). Booz and Co. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  5. ^ "SIIB Bank's Profile". SIIB English website. Retrieved 06/17/2012. {{cite web}}: Check date values in: |accessdate= (help)
  6. ^ "SIIB Bank's Profile". SIIB English website. Retrieved 06/17/2012. {{cite web}}: Check date values in: |accessdate= (help)
  7. ^ "Syria - Opening the vault". Executive Magazine. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  8. ^ "Swift Code". Swiftcodes.org. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  9. ^ "SIIB 2011 Annual Report" (PDF). SIIB English website. Retrieved 06/17/2012. {{cite web}}: Check date values in: |accessdate= (help)
  10. ^ "US sanctions leading Syrian private bank". AFP through Yahoo. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  11. ^ "Fourth Islamic bank opens in Syria". Kuwait News Agency.
  12. ^ "SIIB Bank's Profile". SIIB English website. Retrieved 06/17/2012. {{cite web}}: Check date values in: |accessdate= (help)
  13. ^ "US sanctions leading Syrian private bank". AFP through Yahoo. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  14. ^ "Qatar-based directors quit Syria bank over sanctions". Reuthers. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  15. ^ "SIIB Bank's Profile". SIIB English website. Retrieved 06/17/2012. {{cite web}}: Check date values in: |accessdate= (help)
  16. ^ "U.S. sanctions Syria International Islamic Bank". Al Alarabiya. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  17. ^ "U.S. levies new sanctions on key Syrian bank". The Daily Star of Lebanon. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  18. ^ "TREASURY SANCTIONS SYRIA INTERNATIONAL ISLAMIC BANK". U.S. Department of the Treasury. Retrieved 2012-06-13.
  19. ^ "http://www.bloomberg.com/news/2012-05-30/u-s-treasury-sanctions-syrian-international-islamic-bank.html". Bloomberg News. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help); External link in |title= (help)
  20. ^ "http://www.bloomberg.com/news/2012-05-30/u-s-treasury-sanctions-syrian-international-islamic-bank.html". Bloomberg News. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help); External link in |title= (help)
  21. ^ "US Treasury Sanctions Syria International Islamic Bank". NASDAQ. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  22. ^ "U.S. sanctions Syria International Islamic Bank". Al Ararabiya. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  23. ^ "US Treasury Sanctions Syria International Islamic Bank". NASDAQ. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  24. ^ "http://www.bloomberg.com/news/2012-05-30/u-s-treasury-sanctions-syrian-international-islamic-bank.html". Bloomberg News. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help); External link in |title= (help)
  25. ^ "Qatari directors resign from the Board of Directors of Syria International Islamic Bank". Qatar International Islamic Bank. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
  26. ^ "Qatar-based directors quit Syria bank over sanctions". Reuthers. Retrieved 06/15/2012. {{cite web}}: Check date values in: |accessdate= (help)
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