President
Based on the Constitution
As approved by the People's Assembly at its meeting held in history 5.1-1422 A.H., 29-3-2001,
The following are issued:

Article/1/3

Banks may be established in the form of private Syrian and private companies, or in the form of joint companies, a foolish contribution to which the banking public sector, the Syrian public institution for insurance and other saving institutions contribute to a decision by the cabinet to 25 percent of its capital. It shall exercise its activities under the supervision and control of the Central Bank of Syria in accordance with the provisions of the Basic Monetary Act No. 87 of 1953, its amendments and the regulations of the law of order in any way that does not violate the provisions of this law. These companies are reflected in the following provisions in the words of a bank.

Article/2/3

The banks provided for in Article I of this Law shall be established under the following conditions:
First, all of its shares are nominally tradable except for public sector shares
II. All of its shares are owned by citizens of the Syrian Arab Republic, whether natural or legal persons

Article/3

By decision of the Council of Ministers and in accordance with the controls specified in this Law and contrary to the provisions of paragraph/2/2/of the preceding article, nationals of Arab and foreign States, whether natural or legal persons, may be allowed to participate or contribute to the establishment of the bank or to purchase its shares provided that their shares do not exceed their shares In the capital of the bank, the proportion specified in article 9 of this law and the value of their contributions to foreign exchange is paid at the actual actual exchange rate in the markets.

Article///

a/The applicant is applying for her application to the Central Bank of Syria, which studies it in light of the provisions of this law and the laws and regulations in force, taking into account the reputation, qualifications, qualifications, conditions of the banking sector and its needs and refers it with the study and proposal to a minister. Economy and foreign trade of the statement of opinion and lifting to the Prime Minister to issue the license decision
b/The license decision is issued within three months of the date of registration of the request to the Central Bank of Syria. If this decision is not issued at that date, the request is not approved with the explanation, and in the case of the implicit or explicit lack of approval, the requesting authority is entitled to review the Central Bank of Syria. Reprogress with a new request three months after the end of the period indicated in paragraph b/above
c/The Central Bank of Syria after the publication of the licence decision in the Official Journal shall register the bank in the bank register with the Government Commission and the bank is not entitled to carry out its business prior to this registration.
(d) The authorization to establish the bank is void if the bank does not initiate its business within one year from the date of its registration in the bank register.
(e) Who obtains a decision to establish a bank in accordance with the provisions of this Law, shall not give it to the third party or a part and under any name it has been designated.
The Minister of Economy and Foreign Trade, on the basis of the proposal of the Monetary and Credit Council, shall issue a decision specifying the assets under which registration applications shall be submitted and investigated, and the manner in which the record of the updated banks shall be regulated in accordance with the provisions of this Law and shall determine the expenses of the investigation and registration that shall be required. Banks to repay

Article/5

The main centre of the bank is in one of the county centres chosen by the license student and may be based on the request of its board of directors and the approval of the Central Bank of Syria to establish branches inside and outside the Syrian Arab Republic.

Article/6/6

To specify in the bank's licence instrument the following:
I. The bank's capital on at least 1,500 /1 million L.C.
II. Ratio of public sector contribution to bank capital if in the form of a joint stock company
III. The number of shares on which the capital is capital and the value of the single arrow is less than/500 /l.
IV. Founders' shares to be less than/25 % of the bank's capital when the application is submitted and does not increase the share of the natural person
/5/5 % of the bank's capital and the share of legal persons from/49 % excluding the share of the state that is in all cases according to the ratio specified in Article 1 of this Law if the bank is in common
V. Consideration of requests for the participation of legal persons in the capital of the Bank, taking into account the banking expertise, global reputation and solvency of each of them in accordance with prevailing international norms and standards

Article/7/7

The shares that are overflowing from the founders' shares are put on the IPO and paid at subscription/50 % of the nominal value of each share and the rest of the stock will be paid within a period of six months from the date of the bank's authorization to set up the bank.

Article 8 /

a/It pays the contribution of Syrian citizens residing in the Syrian currency
b/Foreign contributions to foreign exchange

Article/9/

a/The founders may not forfeit the ownership of their shares or shares in the capital of the bank until after the issuance of three winning budgets.
b/The waiver of shares or shares of the bank's capital may only be for Syrian people or for a non-Syrian entity that is already approved by the Central Bank of Syria and by a decision of the Council of Ministers.
c/In all cases, the proportion of non-Syrians must not exceed 49 per cent of the bank's capital

Article/10

The bank's capital may be increased according to the conditions established by its statute, with preference to be given in subscription to the new increase in capital of the original shareholders and in the same proportion of their contributions. In that case, the contribution of the public sector should not be less than that specified in the first article of the article. This is the law if the bank is involved

Article 11

The provisions and restrictions contained in the legislative and regulatory texts concerning public sector companies and their institutions shall not be applicable to the Joint Bank in accordance with the provisions of this Act, regardless of the contribution of the State and the public sector to the capital of the Bank.

Article 12 /

a/The Bank shall exercise financial services and banking on its types in accordance with the provisions of the Regulations of the Bank and the laws and regulations established in any manner inconsistent with the provisions of this Law and such acts.
Acceptance of deposits in Syrian and foreign currency for different deadlines
II. Discount of commercial paper, order and general debatting, deducting all credit documents and their names
III. Discount of negotiable or non-negotiable loans
IV. Financing of commercial operations and the granting of loans and advances of all types against in-kind, personal and other guarantees determined by the Central Bank of Syria
5. Issuance of certificates of deposit and the values in circulation for benefits, clouds and scatches, books of credit, cheques, remittances of different types and trafficking in these papers
Provision of facilities for the conservation of money, securities, valuables and documents
Opening of current accounts and savings accounts
Provision of payment and collection services
IX. Issuance and management of payment tools, including bank withdrawals, payment cards, credit and traveller's cheques, in accordance with instructions issued by the Committee for the Management of Parts
X. Procurement, sale and handling of all foreign currency-freed means of payment in spot and futures markets in accordance with truncation systems
XI. Leverage for different deadlines and the acceptance of bail
XII. Purchase and sale of shares and bonds of contributing companies contributed to the IPO, as well as other securities allowed to be traded in the Syrian Arab Republic according to the controls and ratios established by the Central Bank of Syria
In general, in the interest of or in the interest of others or in association with the Syrian Arab Republic or abroad, all financial and banking services, discount and credit operations, and bail
b/The bank may, upon approval by the Central Bank of Syria, be allowed to:
I. Contribution to Arab or foreign bank capital within the limits and conditions established by the Central Bank of Syria
II. Procurement of real estate for the exclusive exercise of its activities within and outside the territory of the Syrian Arab Republic

Article/13

(a) The Bank shall be managed by a board of directors elected by the shareholders according to the provisions of its statute, which determines their qualifications and the conditions to be provided in them.
b/The Central Bank of Syria is entitled to ensure that the qualifications and conditions referred to in paragraph (a) above are available and to take what is necessary to align the composition of the Governing Council according to those qualifications and conditions

Article 14

The Minister of Economy and Foreign Trade appoints representatives of the public sector in the board of directors of joint banks, based on the proposal of the Monetary and Credit Council, as a percentage of the shares owned by the public sector, and they do not have the right to interfere with the election of the remaining members or to remove them. The duration of their presence on the Board shall be unrestricted by the term provided for in the statute of the Governing Council

Article 15

(a) The statute shall determine the number of members of the Board, the term of office and the number of shares to be owned by the board of directors and for the Central Bank of Syria to estimate this number depending on the status of the bank, to ensure its interest, to the shareholders and depositors and to require the Chairman of the Board of Directors to have a number of examples. Required shares of the member provided that the maximum share of the natural person's share of the bank capital provided for in article VI of this Law is taken into account
b/This number of shares is not required at the time of the election, but such a quorum may be completed within one month of the day of the election, or the membership will inevitably fall

Article 16

Decisions of the Board of Directors shall not be considered legal unless, in the presence of the majority of the members, and among them, a representative of shareholders from public institutions contributing to the capital of the Joint Bank shall be made when decisions are made on the main subjects identified by the statute

Article 17

a/The bank's general manager is selected from the owners of the banking expertise and is appointed by a decision of the board of directors
b/The Director-General of the Joint Banks shall not combine his/her functions with the membership of the Board of Directors or his/her Presidency
c/No person who serves as general manager or associate general manager or manager of the bank may take private business and not be a member of companies of persons or members of the boards of directors of a company

Article 18

(a) The founders shall establish the draft statute of the bank in conformity with the nature of its work and the formula of its composition and in line with the model of the statutes of the banks of the Central Bank of Syria. The nationality of the members of the Governing Council, its President, number, age, reward, compensation and assets may be specified in this system. Their election and the proportion of non-Syrian representation on the board of directors, consistent with their contribution to capital, the determination of the working mechanism in the council, as well as the identification of capital and the value of the stock in the local currency and its equivalent in foreign exchange, or vice versa, without complying with the provisions of the laws and regulations that are in effect. Trade Act No. 149 (No. 149 /1949) and its amendments and promulgated by decision of the Minister of Economy and Trade Foreign Ministry on the proposal of the Monetary and Credit Council
b/The Bank of the Bank shall be established by the Board of directors on the basis of the provisions of the Employment Act No. 91/1959 and its amendments
c/The Board of the Bank of the Bank shall develop other regulations relating to the operation of the bank and its branches and shall be submitted to the Monetary and Credit Council for approval.

General provisions

Article 19

Each bank authorized to establish it in accordance with the provisions of this Law shall have the obligation to:
First, to be deposited in a frozen account without interest to the Central Bank of Syria in the amount of 10.10 per cent of its subscribed capital and is considered an element of its fixed assets to be returned to it upon the liquidation of its work.
II. To appoint an external oversight function designated by the General Assembly for the shareholders of the bank and to determine its functions in the statute
III. IPSAS compliant
IV. To use modern global techniques to deal internally and externally

Article 20

Without prejudice to the provisions of section/12 of paragraph (a) of article/12 of this Law, the updated banks shall be prohibited in accordance with the provisions of this Law by dealing with the work described below, whether directly or indirectly
First, business, commercial and industrial activities, or any other activity that has nothing to do with banking business.
II. Participation in industrial, commercial, agricultural, service or tourism institutions
III. Opening credits or facilities to the President, members and general directors of the Board and of the bank's accounts and auditors, or those working in State organs directly related to oversight, oversight of the activities of the Bank or its follow-up

Article 21

A bank, which is based on the provisions of this law, cannot stop in part or completely from exercising all its activities for any period of time before it has obtained an advance approval from the Central Bank of Syria.

Article 22

Taking into account the special provisions of the Basic Monetary Act of the Legislative Decree No. 87 /87 of 1953 and its amendments and the International Basic Principles for Banking Supervision, the Central Bank of Syria
First. To monitor banks updated in accordance with the provisions of this Law in all their good dealings, safety, functioning and activities, and to abide by their statutes and the provisions of this Law
II. Cost at all the time of the bank account inspector or his assignment to check the bank's limitations, accounts, books, records and correspondence to verify the validity of its various operations and banking activities
III. If necessary, take all appropriate measures to remedy the situation of the bank and preserve the rights of shareholders, depositors, dealers and funds.
IV. The Central Bank of Syria shall take into account its various supervisory and oversight procedures and maintain the confidentiality required for the banking profession.

Article 23

The names, letters and cables circulated by the Syrian banks with various bodies and institutions at home and abroad will be in the advanced international means of communication with the power of the laws and regulations in force, according to instructions issued by a Syrian bank. Central

Article 24

Updated banks are allowed under the provisions of this Act to transfer the benefits shown below from their accounts in foreign exchange resulting from the proceeds of their work on the basis of their certified budgets
First, the profits and benefits achieved annually by the shares of Arab and foreign nationals and their contributions already paid in foreign exchange.
II. Rewards and compensation for members of bank management boards for non-Syrian residents and in their judgement
III. 50 per cent of net remuneration, salaries and emoluments and/100 per cent of end-of-service compensation due to experts and technicians working in banks from Arab and foreign nationals
IV. Amounts that are entitled to banks and need to be repaid and transferred abroad in foreign exchange

Article 25

The ratio of the income tax to the net profits achieved by the banks updated according to the provisions of this law shall be determined by the rate of all their activities at the rate of 25 per cent, including contributing to the war effort. This tax is excluded from the addendum to the local administration.

Article 26

The provisions of Legislative Decree No. 6/6/dated 22-4-2000 shall not apply to banks updated in accordance with this Act.

Article 27

The Bank is subject to the provisions of the Trade Act No. 149 /149 of 1949, its amendments and the statute of the monetary decree of the Legislative Decree No. 87 of 1953, its amendments and the regulations in force that are not in conflict with the provisions of this Act.

Article 28

The Minister of Economy and Foreign Trade issues instructions to implement the provisions of this law based on the proposal of the Central Bank of Syria.

Article 29

This law is published in the Official Journal.
Damascus in /23-1-1422/16-4-2001/m

President
Bashar al-Assad

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