{"id":224,"date":"2015-01-28T19:47:13","date_gmt":"2015-01-28T17:47:13","guid":{"rendered":"http:\/\/syrianlawjournal.com\/wordpress\/?page_id=224"},"modified":"2021-03-17T17:01:26","modified_gmt":"2021-03-17T15:01:26","slug":"finance","status":"publish","type":"page","link":"https:\/\/www.syria.law\/index.php\/legislation\/finance\/","title":{"rendered":"Finance"},"content":{"rendered":"\n\n\n\n\n\n\n\n
LAW<\/td>\n\n

Banking Law<\/h4>\n<\/td>\n<\/tr>\n

REFERENCE<\/td>\nLaw 28\/2001<\/strong><\/td>\n<\/tr>\n
DATE OF PROMULGATION<\/td>\nApproved by the People\u2019s Assembly on March 29, 2001
\nPromulgated by President Bashar Al-Assad on April 16, 2001<\/td>\n<\/tr>\n
RELEVANT PROVISIONS<\/td>\n\n
    \n
  • Private banks are incorporated as joint stock companies.<\/li>\n
  • Foreign participation in Syrian banks may reach 60%.<\/li>\n
  • The minimum capital requirements are set at SYP 10 billion.<\/li>\n
  • Permits the financial repatriation of capital, profits, etc.<\/li>\n
  • The Prime Minister has the authority whether to approve or reject applications for banks.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
RELATED LEGISLATION<\/td>\n\n
    \n
  • This Law reverses the effects of Law 117\/1961 passed during the Nasser era and Legislative Decree 37\/1963 enacted by the Baath Party, which nationalized the private banks at the time in a bid to facilitate socialist policies.<\/li>\n
  • Law 28\/2001 was amended by Law 3\/2010, which increases foreign ownership participation and minimum capital requirements to their current levels.<\/li>\n
  • In accordance with Law 23\/2002, the banking sector falls under the authority of the Monetary and Credit Council, which also manages the Central Bank.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
HISTORICAL CONTEXT<\/td>\n\n
    \n
  • This Law was enacted during the time Syria began to gradually liberalize its economy by firstly promoting the banking sector for private investment but not before plans for a social market economy were officially announced.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    \n\n\n\n\n\n\n\n\n
    LAW<\/td>\n\n

    Banking Secrecy Law<\/h4>\n<\/td>\n<\/tr>\n

    REFERENCE<\/td>\nLegislative Decree 30\/2010<\/strong><\/td>\n<\/tr>\n
    DATE OF PROMULGATION<\/td>\nPromulgated by President Bashar Al-Assad on April 15, 2010<\/td>\n<\/tr>\n
    RELEVANT PROVISIONS<\/td>\n\n
      \n
    • The basic protections afforded to clients safeguard their accounts, safes, transactions and deposits.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    RELATED LEGISLATION<\/td>\n\n
      \n
    • Replaces the previous law contained in Legislative Decree 34\/2005.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    HISTORICAL CONTEXT<\/td>\n\n
      \n
    • This law was passed in line with efforts to enhance the practices of the banking profession at a time when the Syrian market was being promoted as a potential base for local and foreign investors.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
      \n\n\n\n\n\n\n\n\n
      LAW<\/td>\n\n

      Banking Courts Law<\/h4>\n<\/td>\n<\/tr>\n

      REFERENCE<\/td>\nLaw 21\/2014<\/strong><\/td>\n<\/tr>\n
      DATE OF PROMULGATION<\/td>\nApproved by the People\u2019s Assembly on November 3, 2014
      \nPromulgated by President Bashar Al-Assad on November 5, 2014<\/td>\n<\/tr>\n
      RELEVANT PROVISIONS<\/td>\n\n
        \n
      • Courts of first instance and appeal shall be set up throughout the provinces to handle cases where one of the parties to the lawsuit is either a bank or other financial establishment.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
      RELATED LEGISLATION<\/td>\n<\/td>\n<\/tr>\n
      HISTORICAL CONTEXT<\/td>\n\n
        \n
      • This Law was enacted against the backdrop of internal conflict in Syria presumably in order to deal with matters of substantial debt defaults, among others, that arose during the ongoing unrest.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
        \n\n\n\n\n\n\n\n\n
        LAW<\/td>\n\n

        Islamic Banks Law<\/h4>\n<\/td>\n<\/tr>\n

        REFERENCE<\/td>\nLegislative Decree 35\/2005<\/strong><\/td>\n<\/tr>\n
        DATE OF PROMULGATION<\/td>\nPromulgated by President Bashar Al-Assad on May 4, 2005<\/td>\n<\/tr>\n
        RELEVANT PROVISIONS<\/td>\n\n
          \n
        • Islamic banks are subject to certain provisions of Law 28\/2001.<\/li>\n
        • Islamic banks may not conduct their transactions on an interest rate basis.<\/li>\n
        • The minimum capital requirements are set at SYP 15 billion.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
        RELATED LEGISLATION<\/td>\n\n
          \n
        • To be read in accordance with the relevant provisions contained in Law 28\/2001.<\/li>\n
        • Legislative Decree 35\/2005 was amended by Law 3\/2010, which increases foreign ownership participation and minimum capital requirements to their current levels.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
        HISTORICAL CONTEXT<\/td>\n\n
          \n
        • This law was enacted during the time Syria began to gradually liberalize its economy by firstly promoting the banking sector for private investment but not before plans for a social market economy were officially announced.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
          \n\n\n\n\n\n\n\n\n
          LAW<\/td>\n\n

          Investment Banks Law<\/h4>\n<\/td>\n<\/tr>\n

          REFERENCE<\/td>\nLegislative Decree 56\/2010<\/strong><\/td>\n<\/tr>\n
          DATE OF PROMULGATION<\/td>\nPromulgated by President Bashar Al-Assad on July 25, 2010<\/td>\n<\/tr>\n
          RELEVANT PROVISIONS<\/td>\n\n
            \n
          • Investment banks are subject to certain provisions of Law 28\/2001.<\/li>\n
          • Investment banks are permitted to offer consultancy services on various financial activities.<\/li>\n
          • The minimum capital requirements are set at SYP 20 billion.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
          RELATED LEGISLATION<\/td>\n\n
            \n
          • To be read in accordance with the relevant provisions contained in Law 28\/2001.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
          HISTORICAL CONTEXT<\/td>\n\n
            \n
          • With the changes in economic policy towards a social market economy taking place, this law sought to promote the Syrian market as a potential base for local and foreign investors.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
            \n\n\n\n\n\n\n\n\n
            LAW<\/td>\n\n

            Financial Leasing Law<\/h4>\n<\/td>\n<\/tr>\n

            REFERENCE<\/td>\nLegislative Decree 88\/2010<\/strong><\/td>\n<\/tr>\n
            DATE OF PROMULGATION<\/td>\nPromulgated by President Bashar Al-Assad on October 2, 2010<\/td>\n<\/tr>\n
            RELEVANT PROVISIONS<\/td>\n\n
              \n
            • Financial leasing companies may be set up conventionally or as Sharia-compliant Islamic financial leasing companies in the form of joint stock companies.<\/li>\n
            • Foreign participation may reach 60%.<\/li>\n
            • The minimum capital requirements are set at SYP 500 million for conventional companies while they are fixed at SYP 750 million for Sharia-compliant companies.<\/li>\n
            • Permits the financial repatriation of capital, profits, etc.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
            RELATED LEGISLATION<\/td>\n<\/td>\n<\/tr>\n
            HISTORICAL CONTEXT<\/td>\n\n
              \n
            • With the changes in economic policy towards a social market economy taking place, this law sought to promote the Syrian market as a potential base for local and foreign investors.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
              \n\n\n\n\n\n\n\n\n
              LAW<\/td>\n\n

              Mortgage Finance Law<\/h4>\n<\/td>\n<\/tr>\n

              REFERENCE<\/td>\nLaw 15\/2012<\/strong><\/td>\n<\/tr>\n
              DATE OF PROMULGATION<\/td>\nApproved by the People\u2019s Assembly on March 28, 2012
              \nPromulgated by President Bashar Al-Assad on March 29, 2012<\/td>\n<\/tr>\n
              RELEVANT PROVISIONS<\/td>\n\n
                \n
              • Mortgage finance and refinance companies are incorporated in the form of joint stock companies.<\/li>\n
              • Foreign participation is limited to 49%.<\/li>\n
              • The minimum capital requirements are set at SYP 1.5 billion for mortgage finance companies, SYP 1 billion for Sharia-compliant mortgage finance companies and SYP 2.5 billion for mortgage refinance companies.<\/li>\n
              • Permits the financial repatriation of capital, profits, etc.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
              RELATED LEGISLATION<\/td>\n\n
                \n
              • In accordance with Law 39\/2009, the mortgage finance sector is supervised by the Mortgage Finance Supervisory Commission.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
              HISTORICAL CONTEXT<\/td>\n\n
                \n
              • This Law was enacted against the backdrop of internal conflict in Syria but which the government nevertheless promoted to encourage commercial dealings.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                \n\n\n\n\n\n\n\n\n
                LAW<\/td>\n\n

                Microfinance Law<\/h4>\n<\/td>\n<\/tr>\n

                REFERENCE<\/td>\nLaw 8\/2021<\/strong><\/td>\n<\/tr>\n
                DATE OF PROMULGATION<\/td>\nApproved by the People\u2019s Assembly on February 16, 2021
                \nPromulgated by President Bashar Al-Assad on February 20, 2021<\/td>\n<\/tr>\n
                RELEVANT PROVISIONS<\/td>\n\n
                  \n
                • Microfinance banks are subject to certain provisions of the Banking Law 28\/2001, amended by Law 3\/2010.<\/li>\n
                • Microfinance banks are concerned with providing finance and other banking and insurance services to low-income individuals who are unable to obtain loans from conventional banks.<\/li>\n
                • New incentives to cater to individuals with limited incomes are included. The Law aims to provide access to finance for the largest segment of the population with low or no income who have the ability to engage in business but cannot obtain banking, insurance and advisory services by licensing microfinance banks in the form of joint stock companies.<\/li>\n
                • Small businesses can benefit from loans worth up to SYP 30 million with low interest rates, insurance policies that can be reinsured, and money transfer services. Microfinance banks can also provide business training programs to customers.<\/li>\n
                • Strategic partners with expertise in this field are encouraged to incorporate microfinance banks but foreign shareholder participation is limited to 49%.<\/li>\n
                • The minimum capital requirement of such financial institutions must be raised to SYP 5 billion to account for the local currency depreciation.<\/li>\n
                • There is a five-year corporation tax holiday. Once the five-year corporation tax holiday on microfinance banks ends, those that take the form of public joint stock companies will be taxed at the rate of 10% and 14% for private joint stock companies, which is less than the 25% tax rate applicable to banks in general.<\/li>\n
                • The new Law will reduce the cost of borrowing from microfinance banks by exempting customers from stamp duty, mortgage fees and other costs.<\/li>\n
                • Depositors also receive tax breaks. The deposits of customers amounting to up to SYP 2 million will be exempt from the applicable income tax.<\/li>\n
                • Pursuant to the Monetary Law 23\/2002, the Monetary and Credit Council ratified the executive regulations of the new Microfinance Law 8\/2021 pertaining to the registration and licensing of such institutions, the associated fees, the role of the strategic partner, and so forth.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                RELATED LEGISLATION<\/td>\n\n
                  \n
                • Repealed and replaced the previous Microfinance Law provided for in Legislative Decree 15\/2007.<\/li>\n
                • To be read in accordance with the relevant provisions contained in the Banking Law 28\/2001, amended by Law 3\/2010.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                HISTORICAL CONTEXT<\/td>\n\n
                  \n
                • With the changes in economic policy towards a social market economy taking place, Legislative Decree 15\/2007 sought to promote the Syrian market as a potential base for local and foreign investors. However, Law 8\/2021 was issued during a severe economic crisis in Syria that required attention to be directed towards financing capabilities for segments of the population on limited incomes.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                  \n\n\n\n\n\n\n\n\n
                  LAW<\/td>\n\n

                  Foreign Exchange Law<\/h4>\n<\/td>\n<\/tr>\n

                  REFERENCE<\/td>\nLaw 24\/2006<\/strong><\/td>\n<\/tr>\n
                  DATE OF PROMULGATION<\/td>\nApproved by the People\u2019s Assembly on March 20, 2006
                  \nPromulgated by President Bashar Al-Assad on April 24, 2006<\/td>\n<\/tr>\n
                  RELEVANT PROVISIONS<\/td>\n\n
                    \n
                  • Private foreign exchange businesses are incorporated as either joint stock companies or general partnerships between individual Syrian nationals.<\/li>\n
                  • Foreign participation in joint stock companies is limited to a 25% shareholding.<\/li>\n
                  • The minimum capital requirements are set at SYP 200 million for foreign exchange offices in remote areas, SYP 400 million for foreign exchange offices in general and SYP 2 billion for foreign exchange companies.<\/li>\n
                  • Permits the financial repatriation of capital, profits, etc.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                  RELATED LEGISLATION<\/td>\n\n
                    \n
                  • In accordance with Law 29\/2012, which is amended by Law 18\/2013, the criminal penalties contained in Law 24\/2006 and applicable to individuals and businesses that practice the foreign exchange profession without a license have been increased.<\/li>\n
                  • Amended by Law 29\/2017.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                  HISTORICAL CONTEXT<\/td>\n\n
                    \n
                  • With the changes in economic policy towards a social market economy taking place, this Law sought to promote the Syrian market as a potential base for local and foreign investors.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                    \n\n\n\n\n\n\n\n\n
                    LAW<\/td>\n\n

                    Currency Transaction Law<\/h4>\n<\/td>\n<\/tr>\n

                    REFERENCE<\/td>\nLegislative Decree 54\/2013<\/strong><\/td>\n<\/tr>\n
                    DATE OF PROMULGATION<\/td>\nPromulgated by President Bashar Al-Assad on August 4, 2013<\/td>\n<\/tr>\n
                    RELEVANT PROVISIONS<\/td>\n\n
                      \n
                    • Criminalizes the sale of goods priced in any currency other than the Syrian Pound in order to increase demand for the local currency.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                    RELATED LEGISLATION<\/td>\n<\/td>\n<\/tr>\n
                    HISTORICAL CONTEXT<\/td>\n\n
                      \n
                    • As a result of the unrest that gripped Syria since 2011, the sudden fluctuations in the local currency led a number of merchants and other individuals to conduct sales and other transactions in US Dollars, which added more strain on the Syrian Pound.<\/li>\n
                    • This law was passed in an attempt to curb US Dollar transactions.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                      \n\n\n\n\n\n\n\n\n
                      LAW<\/td>\n\n

                      Securities Exchange Law<\/h4>\n<\/td>\n<\/tr>\n

                      REFERENCE<\/td>\nLegislative Decree 55\/2006<\/strong><\/td>\n<\/tr>\n
                      DATE OF PROMULGATION<\/td>\nPromulgated by President Bashar Al-Assad on October 1, 2006<\/td>\n<\/tr>\n
                      RELEVANT PROVISIONS<\/td>\n\n
                        \n
                      • Lays down legislation governing the Damascus Securities Exchange (DSE), which eventually opened in March 2009.<\/li>\n
                      • The DSE is comprised of the primary market and two secondary markets.<\/li>\n
                      • Foreign securities may be traded on the DSE.<\/li>\n
                      • Permits the financial repatriation of capital, profits, etc.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                      RELATED LEGISLATION<\/td>\n\n
                        \n
                      • The DSE is regulated by the Syrian Commission on Financial Markets and Securities set up by Law 22\/2005.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                      HISTORICAL CONTEXT<\/td>\n\n
                        \n
                      • With the changes in economic policy towards a social market economy taking place, this law sought to promote the Syrian market as a potential base for local and foreign investors.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                        \n\n\n\n\n\n\n\n\n
                        LAW<\/td>\n\n

                        DSE Listing Rules<\/h4>\n<\/td>\n<\/tr>\n

                        REFERENCE<\/td>\nDSE Regulation 505\/2010<\/strong><\/td>\n<\/tr>\n
                        DATE OF PROMULGATION<\/td>\nIssued by Dr. Ahmad Rateb Al-Challah, Chairman of the Board of the DSE, on January 17, 2010<\/td>\n<\/tr>\n
                        RELEVANT PROVISIONS<\/td>\n\n
                          \n
                        • Lists the relevant listing rules for joint stock companies wishing to offer their shares on the primary market and the two secondary markets.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                        RELATED LEGISLATION<\/td>\n<\/td>\n<\/tr>\n
                        HISTORICAL CONTEXT<\/td>\n\n
                          \n
                        • With the changes in economic policy towards a social market economy taking place, this Regulation sought to promote the Syrian market as a potential base for local and foreign investors.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                          \n\n\n\n\n\n\n\n\n
                          LAW<\/td>\n\n

                          Government Securities Law<\/h4>\n<\/td>\n<\/tr>\n

                          REFERENCE<\/td>\nLegislative Decree 60\/2007<\/strong><\/td>\n<\/tr>\n
                          DATE OF PROMULGATION<\/td>\nPromulgated by President Bashar Al-Assad on October 1, 2007<\/td>\n<\/tr>\n
                          RELEVANT PROVISIONS<\/td>\n\n
                            \n
                          • Regulates the government\u2019s ability to borrow money through the issuance of treasury bills and bonds.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                          RELATED LEGISLATION<\/td>\n<\/td>\n<\/tr>\n
                          HISTORICAL CONTEXT<\/td>\n\n
                            \n
                          • With the changes in economic policy towards a social market economy taking place, this law sought to promote the Syrian market as a potential base for local and foreign investors.<\/li>\n
                          • The government at the time was planning to finance a large infrastructure program.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                            \n\n\n\n\n\n\n\n\n
                            LAW<\/td>\n\n

                            Accounting and Auditing Profession Law<\/span><\/h4>\n<\/td>\n<\/tr>\n

                            REFERENCE<\/td>\nLaw 33\/2009<\/td>\n<\/tr>\n
                            DATE OF PROMULGATION<\/td>\nApproved by the People\u2019s Assembly on November 17, 2009
                            \nPromulgated by President Bashar Al-Assad on December 1, 2009<\/td>\n<\/tr>\n
                            RELEVANT PROVISIONS<\/td>\n\n
                              \n
                            • This Law differentiates between certified and non-certified accountants as well as auditors and internal auditors.<\/li>\n
                            • The accounting profession is mainly restricted to Syrian nationals with some exceptions for Arab individuals.<\/li>\n
                            • Accounting companies may partner up with international firms, though there is a 49% limit on foreign participation.<\/li>\n
                            • Syrian companies must procure the services of licensed auditors.<\/li>\n
                            • Sets up the Accounting and Auditing Council to supervise and develop the profession.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
                            RELATED LEGISLATION<\/td>\n<\/td>\n<\/tr>\n
                            HISTORICAL CONTEXT<\/td>\n\n
                              \n
                            • With the changes in economic policy towards a social market economy taking place, this Law sought to promote the Syrian market as a potential base for local and foreign investors.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

                              LAW Banking Law REFERENCE Law 28\/2001 DATE OF PROMULGATION Approved by the People\u2019s Assembly on March 29, 2001 Promulgated by President Bashar Al-Assad on April 16, 2001 RELEVANT PROVISIONS Private banks are incorporated as...<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":107,"menu_order":10,"comment_status":"closed","ping_status":"closed","template":"page-templates\/child-menu.php","meta":{"footnotes":""},"class_list":["post-224","page","type-page","status-publish","hentry"],"yoast_head":"\r\nFinance | SYRIA.LAW<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.syria.law\/index.php\/legislation\/finance\/\" \/>\r\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"10 minutes\" \/>\r\n<script type=\"application\/ld+json\" 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