Syria’s embryonic Islamic banking sector is up and running. In late 2007 the country’s first two sharia-compliant banks opened to the public and a further five have received preliminary licenses and are in the process of setting up shop. All are hoping to tap the finances of a population increasingly keen to express its Muslim identity in the last country in the MENA region to liberalize its banking sector, and the early indicators suggest they will find much success. Cham Bank became the country’s first Islamic financial institution in August 2007 when it opened its services to the public from its branch and headquarters in Damascus. The bank, a $108 million joint venture between a number of key investment firms from Kuwait, Saudi Arabia and Syria, reportedly took $100 million in the first six months of operations. The Syrian International Islamic Bank, a $108 million venture between Syrian and Qatari
