SIIB to launch innovative Islamic banking products using iMAL

With this launch, SIIB will become the first bank in Syria to offer an innovative range of Sharia-compliant banking services.

For the initial launch, SIIB has introduced four new products: Ijara, Musharaka Moutanakissa (Diminishing Musharaka), Qard Al Hassan and manufacturing contracts (Istisna). SIIB intends to extend the range of its Islamic banking products in the near future in line with local business customers' requirements.

"Demand on Islamic financial products has increased recently in Syria. We believe we are launching them at the right time," explained SIIB IT Manager, Firas Shrourou.

"We are confident that we can provide our customers with a range of Sharia-compliant products and services, equivalent to those available in any conventional bank and competitively priced," Shrourou said.

With iMAL parameterization capability, SIIB has been able to successfully launch a comprehensive range of consumer banking products and services through a country-wide network of 9 branches and over 23 self-service terminals, thus maximizing its ROI.

"At SIIB, we aim to usefully extend the range of financial service products available in the Syrian market to complement the existing products offered by other local banks," Shrourou remarked. "We offer innovative Sharia-compliant products designed to meet the needs of customers seeking for fair, transparent and equitable banking services."

For individuals, SIIB range of products includes Financing as well as depository products such as Savings, Current Accounts, Time Deposits and Wakala Deposits i.e. Unrestricted Investments.

"We are delighted that SIIB is leading the growth of Islamic banking in Syria. Eventually, this will lead to the creation of a competitive environment in the Syrian financial market. We are confident that this will open up channels for the launch of a new range of Islamic financial instruments in Syria to service the needs of an ever growing and diverse population,"

said Alain Abou Khalil, VP Professional Services at Path Solutions.