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Syria

Syria Jacques el-Hakim* 1 COMMERCIAL LAW 1.1 Licensing of Islamic banks Legislative Decree No. 35 of May 2005 "authorised" the licensing of Islamic banks, to satisfy the request of such banks (mainly established in Islamic countries) to operate on the same basis in Syria and drain investments there. Those banks were defined as operating in accordance with the Islamic Law ("Shari`a") either in accepting deposits, or participating in investment or financing activities without charging or receiving interest (Article 1/a). They are subject to the control of a commission of jurists and Shari`a scholars appointed by the bank's shareholders' assembly to make sure that its operations conform to the Shari`a (Article 1/b). Their incorporation must be authorised by the Council of Ministries according to the law on private banks (Law No. 28/2001) if they meet the needs of the public interest and national economy and are within the limits of the market needs (Article 2). They must be operated by a joint-stock company ("Société anonyme" in French) with a capital of at least Five Billion S.P. (Syrian Lira) (100 Million $US) and 500 S.P. minimum share value, half of which should be paid upon incorporation and the balance within three http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Yearbook of Islamic and Middle Eastern Law Online Brill

Syria

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Publisher
Brill
Copyright
Copyright 2004 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1384-2935
eISSN
2211-2987
DOI
10.1163/22112987-91000098
Publisher site
See Article on Publisher Site

Abstract

Jacques el-Hakim* 1 COMMERCIAL LAW 1.1 Licensing of Islamic banks Legislative Decree No. 35 of May 2005 "authorised" the licensing of Islamic banks, to satisfy the request of such banks (mainly established in Islamic countries) to operate on the same basis in Syria and drain investments there. Those banks were defined as operating in accordance with the Islamic Law ("Shari`a") either in accepting deposits, or participating in investment or financing activities without charging or receiving interest (Article 1/a). They are subject to the control of a commission of jurists and Shari`a scholars appointed by the bank's shareholders' assembly to make sure that its operations conform to the Shari`a (Article 1/b). Their incorporation must be authorised by the Council of Ministries according to the law on private banks (Law No. 28/2001) if they meet the needs of the public interest and national economy and are within the limits of the market needs (Article 2). They must be operated by a joint-stock company ("Société anonyme" in French) with a capital of at least Five Billion S.P. (Syrian Lira) (100 Million $US) and 500 S.P. minimum share value, half of which should be paid upon incorporation and the balance within three

Journal

Yearbook of Islamic and Middle Eastern Law Online – Brill

Published: Jan 1, 2004

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