Syria International Islamic Bank

What Syria International Islamic Bank does

Syria International Islamic Bank (SIIB) is a Damascus-headquartered public joint stock Islamic bank founded in 2007, operating as one of Syria's largest private banks by shareholder count with more than 12,000 shareholders and over 235,000 customers as of end-2018. The bank delivers a full suite of Sharia-compliant retail and corporate banking services, including current accounts in Syrian pounds and foreign currencies, unrestricted investment deposit accounts with profit-sharing returns (approximately 8.5%-9% across 1- to 3-year terms), personal and corporate financing structured through Murabaha, Musharaka, Mudaraba, Istisna'a, Salam, and Ijarah contracts, and international trade finance via letters of credit and guarantees. It operates 27 branches across eight Syrian cities (Damascus, Aleppo, Homs, Hama, Latakia, Tartus, Qamishli, and Idlib), supported by an ATM network, a merchant POS network, and the Al Fouad money transfer subsidiary with 100+ agent locations.

The bank's technology stack centers on its Al Zahabi ("Golden") mobile banking app for Android and iOS, which handles account management, interbank transfers, card management, and biometric authentication. Adjacent digital products include Q-Scan (QR-code-based payments over the Fatoora network), E-Click (an e-commerce payment gateway with OTP verification), E-Card (virtual debit), the Alert SMS notification service, the Sadad-E third-party mobile wallet, and a Telephone Banking IVR service accessible at 2053. The bank is integrated with Syriatel (through the Abili distributor settlement service and postpaid bill localization) and MTN Syria (postpaid bill payment), with direct bill payment rails for universities, schools, and charities embedded in the mobile app.

SIIB monetizes primarily through financing income on its Islamic financing book (which grew 113% to SYP 259 billion by H1 2019), profit-sharing arrangements with investment deposit holders, trade finance fees, electronic banking commissions on POS and E-Click transactions, and account and card services. Total assets exceeded SYP 583 billion by mid-2019, with deposits of approximately SYP 540 billion, shareholders' equity of SYP 30.5 billion, and H1 2019 net profit of SYP 2.9 billion (a 66% year-over-year increase). The bank is regulated by the Central Bank of Syria and the Syrian Commission of Financial Markets and Securities, and its shares account for 40% of trading value on the Damascus Securities Exchange. The bank holds ISO 9001:2015 quality certification and has received Best Islamic Bank in Syria awards in 2021, 2022, and 2023.

Name

Syria International Islamic Bank

Legal name

Syria International Islamic Bank

Website

https://siib.sy

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Syria International Islamic Bank (SIIB) is a Damascus-headquartered public Islamic bank serving retail and corporate customers across Syria through 27 branches, digital banking, and Al Fouad agents, offering Sharia-compliant deposits, financing, trade finance, and electronic payment services.

Ownership category

akta.pro rank

Product category

Islamic Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

Keywords

• Islamic banking services
• Sharia-compliant financing
• Retail banking products
• Corporate trade finance
• Mobile banking payments

Headquarters

HQ city

Damascus

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Financing Income: Revenue from Sharia-compliant financing products including Murabaha, Musharaka, Mudaraba, Istisna'a, Salam, Ijarah, and Leasing contracts offered to individuals and corporate clients.
2. Deposit Investment Returns: Returns distributed to investment deposit account holders (unrestricted investment accounts) based on bank's profits, with rates around 9% for 3-year deposits, 8.75% for 2-year, and 8.5% for 1-year.
3. Trade Finance Services: Fees from letters of credit, guarantees, transfers, international Murabaha, and other trade finance activities.
4. Electronic Banking Services: Commissions from POS transactions, E-Click online payment gateway, and mobile banking services.
5. Account and Card Services: Fees from current accounts, safe deposit boxes, and card issuance/services.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels3 records

Core offering

Syria International Islamic Bank provides Sharia-compliant retail and corporate banking services through a network of 27 branches across Syria. Its core offerings include current accounts, unrestricted investment deposit accounts with profit-sharing returns, personal and corporate financing structured under Islamic contracts (Murabaha, Musharaka, Mudaraba, Istisna'a, Salam, Ijarah), international trade finance, and a digital banking platform anchored by the Al Zahabi mobile app, supported by ATMs, POS terminals, QR code payments, online payment gateway, and SMS alerts.

Product overview

Syria International Islamic Bank (SIIB) operates as an Islamic banking institution offering a unified, integrated suite of Sharia-compliant financial products and services across individual (retail) and corporate segments. The core digital banking platform consists of the Al Zahabi (Golden) mobile banking application — the primary digital channel — which serves as the hub for account management, peer-to-peer transfers, QR-code payments (Q-Scan), card controls, and bill settlement. Supporting this platform are E-Click (online payment gateway for e-commerce), Alert (SMS transaction notifications), Sadad-E (third-party mobile wallet), E-Card (virtual debit card), E-Services Platform (centralized service request portal), and Telephone Banking (IVR). Physical infrastructure includes a nationwide ATM network, POS terminal network, 24 SIIB branches, and the Al Fouad agent network. On the product side, SIIB provides current accounts, unrestricted investment deposit accounts with profit-sharing returns, personal financing, corporate finance (multiple Islamic contracts: Murabaha, Musharaka, Mudaraba, Ijarah, Istisna'a, Salam), and international trade finance. Integration points include Syriatel and MTN bill payment services, Fatoora QR payment network, Sadad-E third-party app, Abili Syriatel distribution service, and direct payment to educational institutions and charities through the mobile app.

Differentiator

Problem solved

Functional benefit

Products and services

• Al Zahabi (الذهبي) Mobile Banking Flagship mobile banking application offering account management, intra-bank and inter-bank fund transfers, QR-code-based payments (Q-Scan), card management, bill payment, and real-time transaction alerts for individual and corporate customers. Available on Android and iOS with biometric login.
• Q-Scan QR Payment Service QR-code-based contactless payment service allowing customers to make in-store payments at SIIB POS terminals and connected banks' terminals via the Fatoora electronic payment network, without physical cards.
• E-Click Online Payment Gateway Online payment gateway for e-commerce merchants, enabling customers to pay with SIIB-issued cards on merchant websites and mobile apps, with OTP-based authentication.
• Alert (التنبيهات) SMS Notifications SMS-based transaction notification service providing real-time alerts for deposits, withdrawals, ATM transactions, POS purchases, salary credits, and check deposits at no charge to SIIB customers.
• E-Card Virtual Debit Card Virtual debit card offering for online transactions, generated digitally without a physical card, linked to the customer's SIIB account.
• Debit Card Physical debit card enabling cash withdrawals from SIIB ATMs (up to 200,000 SYP daily limit with no commission), POS purchases, and balance inquiries.
• Credit Card (البطاقة الائتمانية) Credit card product offered by SIIB, subject to eligibility criteria, providing purchasing power and revolving credit subject to Islamic financing principles.
• Abili (عبيلي) Mobile Distribution Service Mobile balance distribution service for Syriatel secondary distributors, enabling electronic fund transfers between distributor bank accounts and Syriatel's account via a dedicated GSM SIM card.
• Postpaid Bill Localization (توطين الفواتير) Automatic bill payment service for Syriatel and MTN postpaid mobile lines, deducting bills directly from the customer's SIIB account on a recurring basis. 500 SYP fee per deducted bill.
• Sadad-E (سدادي) Mobile Payment App Third-party mobile payment application (by A2A) for merchant payments, peer-to-peer transfers using mobile numbers, and QR-code payments at SIIB POS terminals.
• Simple Step Banking Account (الحساب المصرفي بخطوة بسيطة) Streamlined electronic bank account opening service with account readiness within 48 hours, simplifying onboarding for new customers.
• E-Services Platform (منصة طلب الخدمات الإلكترونية) Unified electronic platform for requesting banking services such as card issuance, mobile banking subscription, and service renewals for existing and prospective customers.
• Telephone Banking (البنك الناطق / Alo Banki) Interactive voice response (IVR) banking service accessible 24/7 at 011-2004, enabling balance inquiries, transaction history, internal and external fund transfers, and product information.
• ATM Network (شبكة الصرافات) Network of automated teller machines (ATMs) operated by SIIB across Syrian governorates, enabling cash withdrawals, balance inquiries, and mini-statements, with select Damietta Port and Mobile Branch ATMs currently non-operational.
• Point of Sale (POS) Network Card-present payment acceptance network enabling merchants across Syria (retail, F&B, healthcare, telecom, automotive) to accept SIIB debit and credit cards. No merchant commission is charged per transaction.
• Al Fouad Money Transfer Network SIIB's branded mobile money and transfer agent network operated under the Al Fouad brand, with locations across Syrian cities for money transfer and financial services.
• Current Accounts (الحسابات الجارية) Sharia-compliant checking accounts denominated in Syrian Pounds and foreign currencies, providing transaction banking services to individual customers.
• Unrestricted Investment Accounts (حسابات ودائع الاستثمار المطلقة) Sharia-compliant unrestricted investment deposit accounts offering profit-sharing returns (approximately 9% for 3-year, 8.75% for 2-year, 8.5% for 1-year deposits as of 2019), distributed to customers quarterly.
• Personal Financing (التمويل الشخصي) Individual consumer financing products structured according to Islamic Sharia principles (Murabaha, Ijarah, or Musharaka) for personal needs of individual customers.
• Corporate Finance Services (خدمات التمويل للشركات) Business financing products including Istisna'a, Salam, Musharaka, Mudaraba, Leasing, Murabaha, Ijarah, and financing for commercial store fixtures, all structured under Islamic finance principles for corporate clients.
• Trade Finance Operations (خدمات التجارة الدولية) International trade finance services including letters of credit, guarantees, transfers, international Murabaha, and other trade finance activities for corporate customers.
• Safe Deposit Boxes (صناديق الأمانات) Secure safe deposit box rental service for customers requiring physical storage of valuables and important documents.

Quantifiable outcome

• 66% increase in net profit in H1 2019 vs previous year
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Damascus Securities ExchangeminorOthersBank shares traded on the Damascus Securities Exchange, accounting for 40% of total trading value in H1 2019.
• Syrian Central BankcoreOthersRegulatory oversight and compliance with Central Bank of Syria guidelines and Islamic Financial Accounting Standard 30 and IFRS 9 requirements.
• Syrian Commission of Financial Markets and SecuritiescoreOthersRegulatory body overseeing securities and financial markets, hosting bank's financial statements and auditor reports.

Scale indicators11 records

Recent moves11 records

Expansion highlights5 records

Regional players

• Bank Audi Syria: Bank Audi is a Lebanese banking group with Syrian operations, offering retail and corporate banking services in the Syrian market as a foreign-bank competitor. While not strictly Islamic banking, it competes with SIIB for Syrian corporate and high-net-worth clients.
• Arab Bank Syria: Arab Bank Syria is the Syrian subsidiary of Jordan-headquartered Arab Bank, one of the largest banking groups in the MENA region. It provides conventional retail and corporate banking services in Syria, competing for the same Syrian institutional and corporate clients targeted by SIIB.

Direct peers

• Cham Bank: Cham Bank is one of the largest private Syrian banks offering Sharia-compliant Islamic banking products and conventional services, with a similar multi-branch footprint across Syria and direct competition with SIIB for both retail and corporate Islamic banking customers.
• Banque Bemo Saudi Lecco: Banque Bemo Saudi Lecco is a Syrian bank with Gulf capital backing that offers both conventional and Sharia-compliant banking services, directly competing with SIIB for Syrian corporate clients and Islamic finance market share.
• Bank of Syria and Overseas: Bank of Syria and Overseas is a Syrian private bank that operates Islamic banking windows alongside conventional services, directly competing with SIIB in the Syrian market for retail deposits, corporate financing, and trade finance products.

Broad incumbents

• Kuwait Finance House: Kuwait Finance House is a leading Gulf-based Islamic bank offering a comparable suite of Sharia-compliant retail, corporate, and investment banking products (Murabaha, Musharaka, Ijarah, etc.), providing a benchmark for SIIB's product mix and operating model.
• Al Rajhi Bank: Al Rajhi Bank is the largest Islamic bank in the world by assets and a leading GCC Islamic banking franchise, providing a comparable peer for SIIB's Sharia-compliant retail and corporate banking model, though at vastly greater scale and geographic reach across Saudi Arabia and beyond.
• Qatar Islamic Bank: Qatar Islamic Bank is the largest Islamic bank in Qatar and one of the leading Islamic banks globally, offering comparable Sharia-compliant retail and corporate banking products. Its shareholder relationship with SIIB (via Qatar Islamic Insurance Company) creates an additional structural link.
• Al Baraka Banking Group: Al Baraka Banking Group is a Bahrain-headquartered Islamic banking group with operations across the Middle East, North Africa, and Asia, offering similar Sharia-compliant retail and corporate products and providing a relevant peer for cross-border Islamic banking strategies that SIIB could potentially emulate.
• Dubai Islamic Bank: Dubai Islamic Bank is the largest Islamic bank in the UAE by assets, offering a comprehensive suite of Sharia-compliant retail, corporate, and treasury products that mirror SIIB's product catalogue and serve as a benchmark for digital Islamic banking capabilities.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 Syria International Islamic Bank