Syria moves to accelerate pace of Islamic banking: John Dagge reports from Damascus on the new drive to stimulate Syria's Islamic banking sector, which opened locally back in 2005 but has, so far, failed to establish a credible niche.

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BUSINESS AND FINANCE

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Syria moves to accelerate pace of Islamic banking: John Dagge reports from Damascus on the new drive to stimulate Syria's Islamic banking sector, which opened locally back in 2005 but has, so far, failed to establish a credible niche.

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A NEW BREED OF financial institution is emerging in Syria; one that complies with Islamic law. In the past six months the country's first two Islamic banks opened for business, while another six have received licences and are in the process of setting up shop. The first Shari'ah-compliant insurance firm is expected to open within the next few months, rounding out the country's embryonic Islamic financial services sector. All are hoping to tap into the finances of a population increasingly keen to express its Muslim identity, in the last country in the Middle East-North Africa (MENA) regi...

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