Al-Cham Islamic Bank enters Damascus Securities Exchange

Damascus, SANA, The Damascus Securities Exchange (DSE) on Monday celebrated the entering of Al-Cham Islamic Bank into the DSE, holding the first trial exchange session following an earlier approval of the process.

The Bank’s entry into the DSE added 50 million shares with a capital of SYP 5 billion and 3,864 shareholders.

There are now 23 companies in the DSE, 13 of them banks, 6 are insurance companies, 2 are services companies, one is an agricultural company, and one is industrial, with an overall 823 million shares and an overall capital of SYP 82 billion that has a market value of SYP 125 billion, while the overall number of shareholders is around 48,000.

Al-Cham Islamic Bank was launched 7 years ago, and it was the first Islamic bank in Syria. It achieved considerable success and this prompted the decision of it entering the DSE. The bank will open two more branches within 2014.

H. Sabbagh