Al Baraka Bank Syria

What Al Baraka Bank Syria does

Al Baraka Bank Syria is a privately held, Sharia-compliant Islamic bank headquartered in Damascus, Syria, operating as part of the regional Al Baraka Banking Group. Founded in 2010, the bank serves individual, SME, and corporate customers through a network of 19+ branches and offices spanning 8 Syrian provinces (Damascus, Rif Dimashq, Aleppo, Latakia, Hama, Homs, and Tartous). Its product portfolio spans deposit products (current accounts, fixed-term investment accounts, savings accounts, payroll accounts, electronic accounts, student accounts), cards (RED-e credit cards in four tiers, debit cards, e-account cards), financing solutions (Masar Al Baraka SME program, international trade, local goods, project and retail financing), and money-transfer services via Zamzam, MoneyGram, and SHIFT partnerships. Banking operations are conducted under oversight from the Central Bank of Syria and the bank's own Sharia Supervisory Board.

Revenue is generated primarily through transaction-based fees on banking services, profit-sharing returns on investment accounts (with 60-90% participation rates tied to deposit term in both Syrian Pounds and foreign currencies), credit card interchange and facility fees across the RED-e four-tier structure, and trade finance and SME financing margins. Distribution is anchored by physical branches, complemented by an Al Baraka mobile application (iOS and Android), internet banking, a Fori agent-based cash deposit/withdrawal network, Anjaz-branded POS terminals across commercial outlets, an SEP-integrated electronic bill-payment platform, an E-PAYMENT Commerce gateway, and a customer-facing AI chatbot.

Customer segments are segmented horizontally across business owners and institutions (multi-currency accounts, trade finance, correspondent banking via 80+ country network), small and micro-entrepreneurs (Masar Al Baraka financing for working capital and productive assets), individual retail customers (savings, investment accounts with profit-sharing returns), plus students and government/corporate payroll clients. The bank's strategic positioning emphasizes Sharia compliance, branch reach across Syria's main commercial centers, international remittance and correspondent capabilities through the Al Baraka Group, and progressive digitization of both customer-facing and operational layers.

Name

Al Baraka Bank Syria

Legal name

Al Baraka Bank Syria

Website

https://albaraka.com.sy

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Al Baraka Bank Syria is a privately held Islamic bank headquartered in Damascus, serving retail, SME, and corporate customers across Syria through 19+ branches, a Sharia-compliant product suite spanning deposits, cards, financing, and remittances, and digital channels including a mobile app and internet banking.

Ownership category

akta.pro rank

Product category

Islamic Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Islamic SME & Commercial Banking (FSABAGAB)

akta.pro secondary industries

Islamic Retail Banking (FSABAGAA), Islamic Corporate Banking (FSABAGAC), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

Keywords

• Islamic banking services
• Sharia-compliant deposits
• SME financing
• Trade finance services
• Retail banking products

Headquarters

HQ city

Damascus

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Islamic Banking Fees and Commissions: Commission-based revenue from banking services including account maintenance, transactions, wire transfers, check processing, and documentary services
2. Investment Account Returns: Profit-sharing returns on time deposits and investment accounts, with returns proportional to deposit term (60-90% participation rates) in Syrian Pounds and foreign currencies
3. Retail Banking Services: Credit card facilities (RED-e), debit cards, and electronic banking services generating interchange and usage fees
4. Trade Finance and SME Lending: Financing services for international trade, local goods, projects, and retail under Masar Al Baraka program

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels9 records

Core offering

Al Baraka Bank Syria is a Sharia-compliant Islamic bank providing deposit products (current, savings, fixed-term investment, payroll, electronic, and student accounts), credit and debit cards (RED-e tiered cards and electronic account cards), financing solutions (Masar Al Baraka SME program, international trade, local goods, project, and retail financing), money transfer services (Zamzam, MoneyGram, SHIFT global transfers), and digital banking channels (mobile app, internet banking, E-PAYMENT Commerce gateway, and POS terminals). The bank serves retail, SME, and corporate customers across Syria through a 19+ branch network combined with digital and agent-based distribution.

Product overview

Al Baraka Bank Syria operates as an Islamic bank offering a comprehensive suite of Sharia-compliant banking products and services. The portfolio includes core deposit products (Current Account, Fixed-Term Investment Accounts, Savings Account, Payroll Account, Electronic Accounts, and Student Accounts), card products (RED-e Credit Cards in four tiers, Debit Cards, and E-Account Cards), financing solutions (Masar Al Baraka for SME financing, International Trade Facilitation, Local Goods Financing, Project Financing, and Retail Financing), and digital banking platforms (Al Baraka Mobile Application, Internet Banking, Funding Platform, and Electronic Survey Platform). The bank also offers money transfer services (Zamzam, MoneyGram, and SHIFT partnerships), payment services (Fori agent-based deposits/withdrawals, Anjaz POS terminals, ATM services, E-PAYMENT Commerce gateway), and utility bill payment services through SEP integration. The product ecosystem is interconnected through the mobile application and internet banking platform, enabling customers to manage accounts, transfer funds, pay bills, control cards, and access financing across all branches.

Differentiator

Problem solved

Functional benefit

Brands

• مسار البركة (Masar Al Baraka): A pioneering financing solution dedicated to supporting small and micro entrepreneurs and business owners, offering flexible financing for working capital, productive assets, machinery, and infrastructure.

Products and services

• Current Account (الحساب الجاري) A current account enabling customers to access banking services, particularly for business owners and companies, supporting Syrian Pounds and foreign currencies. Offers free deposits and withdrawals, check books, debit card issuance, international wire transfers via Al Baraka Group's correspondent network, electronic services access, POS payments, and joint account opening for natural persons.
• Fixed-Term Investment Accounts (الحسابات الاستثمارية لأجل معين) Sharia-compliant investment accounts offering competitive profit rates with maturities of 1, 3, 6, 12, or 24 months, automatic renewal, and participation rates of 60-90% based on tenor. Available in Syrian Pounds and foreign currencies for individual and minor joint account holders.
• Savings Account (حساب الإدخار الاستثماري) Sharia-compliant investment savings account offering returns for depositors seeking lower-risk Islamic deposit placement.
• Payroll Account (حساب توطين الرواتب) Dedicated account for salary transfer and payroll management services for employees of government agencies and corporations.
• Electronic Account (الحساب الإلكتروني) Digital account enabling customers to open an account without visiting branches, with balance loading, bill payment, and mobile credit recharge capabilities.
• Student Electronic Account (حساب الطلاب الإلكتروني) Electronic account designed specifically for university students with features for tuition fee payment and mobile service top-ups.
• RED-e Credit Card (بطاقة RED-e الائتمانية) Sharia-compliant credit card offered in four tiers: Classic (up to 50,000 SYP), Silver (50,000-100,000 SYP), Gold (100,000-250,000 SYP), and Platinum (250,000-750,000 SYP) facility limits, providing revolving credit with card management via the mobile app.
• Debit Card (البطاقة المدينة) Electronic payment debit card accepted at POS terminals across Syria for purchases and ATM access.
• E-Account Card (بطاقة الحساب الإلكتروني) Card associated with the electronic account for digital banking transactions and payments.
• Masar Al Baraka (مسار البركة) Pioneering financing solution dedicated to supporting small and micro entrepreneurs and business owners, offering flexible financing for working capital, productive assets (machinery and equipment), vehicles and production vehicles, agricultural equipment, and infrastructure. Targeted at startup founders, farmers, craftsmen, and women-led household businesses.
• International Trade Facilitation Service (خدمة تسهيلات التجارة الدولية) Service facilitating international trade transactions and documentation for business customers engaged in cross-border commerce.
• Local Goods Financing Service (خدمة تمويل البضائع المحلية) Financing service for local goods and commodities supporting domestic trade and inventory financing.
• Project Financing Service (خدمة تمويل المشاريع) Financing solutions for business projects, supporting capital expenditure and project development activities.
• Retail Financing Service (خدمة تمويل التجزئة) Financing solutions for retail customers covering personal financing needs under Sharia-compliant structures.
• Zamzam Money Transfer Service (خدمة زمزم) Money transfer service operated in partnership with Zamzam Internal Financial Transfers Company enabling Syrian Pound transfers to/from Al Baraka accounts through Zamzam centers across Syria, regulated by the Central Bank of Syria.
• MoneyGram Service (خدمة MoneyGram) International money transfer service available through MoneyGram at Al Baraka branches for cross-border remittances.
• SHIFT Global Money Transfer Service Global instant money transfer service launched in partnership with SHIFT, available through Al Baraka Syria branches, enabling customers to send and receive transfers from over 80 countries worldwide with speed and security.
• Al Baraka Mobile Application (تطبيق البركة) Comprehensive mobile banking application available on iOS and Android enabling fund transfers between accounts at all banks, bill payments, card management, currency exchange rates, charity donations, and 24/7 account access.
• Internet Banking (الانترنت البنكي) Online banking web platform for managing accounts and conducting transactions via browser.
• Fori (فوراً) ATM Alternative Service Alternative to ATM service providing deposit and withdrawal through the bank's authorized agent network, allowing customers to access cash services without an ATM card.
• Anjaz (أنجز) POS Service Electronic payment service with POS terminals deployed across commercial outlets in Syria, enabling merchants to accept card payments.
• E-PAYMENT Commerce Gateway Online payment gateway for e-commerce transactions enabling merchants to accept electronic payments for online purchases.
• Treasury and Investment Services (إدارة الخزينة والاستثمار) Treasury management and investment services for institutional clients including financial institutions, providing cash management and investment product support.
• Check Collection Service (تحصيل الشيكات) Service for collecting and processing checks for customers.
• Zakat Fund (صندوق البركة للزكاة) Sharia-compliant Zakat collection and distribution service allowing customers to fulfill religious obligations through the bank.

Quantifiable outcome

• 80+ countries covered for international money transfers via SHIFT partnership
• +1 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• SHIFTcoreTechnology or Integration · 29 May 2026Partnership to launch global instant money transfer service through Al Baraka Syria branches. Enables customers to send and receive transfers from over 80 countries worldwide with speed and security. Represented by CEO Omar Barahmji and SHIFT Chairman Omar Abdouha Qaed.
• SYNC II Conference - Silicon Valley SyriaminorGTM or Marketing Partner · 8 August 2025Gold sponsor of SYNC II conference in Lattakia and Aleppo - a tech conference connecting Syrian professionals abroad with local tech ecosystem.
• Syrian Initiative for Competencies and DevelopmentminorStrategic or Co-development Partner · 3 May 2025Strategic MOU signed to support national development projects and empower Syrian competencies, especially those abroad, in building a better future for the country.
• SYNC I Conference - Silicon Valley SyriaminorGTM or Marketing Partner · 7 February 2025Platinum sponsor of SYNC I conference - a tech event bringing together Syrian experts from Silicon Valley and Europe with local professionals.
• Zamzam (زمزم) for Financial TransferscoreTechnology or IntegrationPartnership with Zamzam Internal Financial Transfers Company enabling money transfers to and from Al Baraka accounts through Zamzam centers across Syria, under Central Bank of Syria regulations.
• Syrian Electronic Payment Company (SEP)coreTechnology or IntegrationIntegration with Syrian Electronic Payment Company for bill payment services including electricity, water, internet, and mobile phone bills.
• Al Baraka Banking GroupcoreStrategic or Co-development PartnerParent organization providing international banking network, brand recognition, and shared Islamic banking expertise across multiple countries.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Syria International Islamic Bank (SIIB): Another Sharia-compliant commercial bank operating across Syria with a multi-branch network and similar retail, SME, and corporate product suites, making it the most directly comparable peer to Al Baraka Bank Syria within the Syrian Islamic banking market.
• Cham Islamic Bank: A Syrian Islamic bank providing Sharia-compliant retail and corporate banking services across Syrian provinces, competing head-to-head with Al Baraka for the same deposit and financing customers in Damascus, Aleppo, and other major cities.
• Bank of Syria and the Arab World (BML): A privately held Syrian commercial bank offering traditional deposit, lending, and trade-finance services with multi-province coverage; competes directly with Al Baraka's corporate and trade finance products for the same Syrian institutional customer base.
• Jordan Islamic Bank: A regional Islamic commercial bank with comparable retail, SME, and corporate offerings targeting a similar MENA customer demographic; relevant peer for product and digital channel benchmarking even though it operates in Jordan rather than Syria.

Broad incumbents

• Al Baraka Banking Group (B.S.C.): The parent banking group with operations across multiple MENA countries, providing the international banking network, correspondent relationships, and shared Islamic banking expertise that Al Baraka Bank Syria leverages; not a competitor but the strategic anchor that defines comparable scale and Sharia governance standards.
• Al Rajhi Bank: The largest Islamic bank globally, headquartered in Saudi Arabia, providing a benchmark for Islamic retail banking scale, digital distribution, and SME financing programs against which Al Baraka Bank Syria's product strategy is implicitly measured.
• Dubai Islamic Bank: A leading MENA Islamic commercial bank with corporate, retail, and treasury services; serves as a regional benchmark for Sharia-compliant product structuring and correspondent banking partnerships relevant to Al Baraka's Islamic banking operations.

Regional players

• Banque Syria Fransi (BSF): One of Syria's largest conventional commercial banks with a comparable branch network and full corporate, retail, and trade-finance product suite, providing a conventional banking benchmark for the Syrian market in which Al Baraka competes on Sharia compliance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@albarakasyria9518
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Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Al Baraka Bank Syria