President
Based on the Constitution

As approved by the People's Assembly at its meeting held on the date of 2-2-1433 A.H., it was approved for 28-12-2011.
The following are issued:

Article 1

The following words and phrases in the application of this law shall mean the following:
The market for the Damascus Stock Exchange is updated by Legislative Decree No. 55 of 2006.
The Fund is an updated fund under this law called the National Investment Fund.
Minister of Economy and Trade
Board of Directors, Fund Board.
Executive Director, UNFPA Executive Director.
Contributor .. person/consideration/natural/who contributes to the capital of the Fund.
Capital ... Fund capital.

Article 2

National Investment Fund
a. In accordance with the provisions of this Law, an investment portfolio, called the National Investment Fund, is a sovereign fund that has legal personality, financial and administrative independence and is linked to the Minister of Economy and Trade and works under his supervision.
b. Takes a major headquarters in Damascus governorate and may establish branches or offices within the Syrian Arab Republic.
c. The contribution to the capital of this Fund shall not apply to the specific ratios of legal persons in the regulations and laws in force.
d. This Fund shall be subject to the exercise of its work and activities for the provisions of this Act and the regulations and instructions issued thereunder.

Article 3

Objectives and purposes of the Fund
a. Contribution to supporting stability and raising market confidence levels through a long-term investment policy.
b. Strive to achieve higher returns and profits for shareholders by diversifying financial investments and providing appropriate professional expertise and advice.

Article 4

Fund areas of work
a. Investment in the market through the sale and purchase of securities to the account.
b. Any other activities that are consistent with its objectives and core objectives.

Article 5

Fund capital
a. The capital of the Fund is set at 2 billion Syrian pounds.
b. General State institutions, banks and pension funds shall contribute to the capital of the Fund if they wish to do so in accordance with their respective rules of procedure and shall pay the remaining amount of the State budget and within the appropriation for that.
c. Any public institution or other capital contributing to the capital shall be entitled to the approval of the Minister of Economy and Trade.
d. The capital may be increased according to the following.
1. By decree on the proposal of the Minister of Economy and Trade in case this increase is financed through the State budget.
2. By decision of the Minister of Economy and Trade, if such an increase is made by any other public body.
(e) The shares of the founders of State institutions and banks and pension funds may not be less than 50 % of the capital.
It is permissible only with the special approval of the Syrian Securities and Financial Markets Authority to exceed what is invested in any company included in 10 percent of the capital, but that does not exceed 15 percent of the company's securities.
g. This fund is entitled to obtain any loan from the licensed banks or any other financing entity by the security of the securities owned by it.

Article 6

Fund management
a. The Fund shall be administered by a board of seven members according to the following:
-- Minister of Economy and Trade
-Four members of shareholders who have the necessary experience and qualifications to exercise this work.
-Two members of experience and non-shareholder competence.
b. The President of the Governing Council and its members shall be appointed by a decision of the Prime Minister on the proposal of the Minister of Economy and Trade.

Article 7

Fund management responsibilities
a. Maintain the books and records of each investment process and related details and keep these books and records for 15 years.
(b) Adherence to international accounting standards.
c. Maintain the professional secrecy required for the exercise of its work.
d. To appoint a recognized accounting entity to audit its functions in accordance with the regulations and laws in force.

Article 8

The income and profits of the shares of government and public bodies in this fund shall be excluded from all types of taxes, including profits tax and income tax, whereas for other contributors, they shall be subject to the laws and regulations of their respective windows.

Article 9

Oversight of the Fund's work
a. The Fund is under the control of the central financial control system to carry out audit and inspection work on its work.
b. As part of its exercise of its work on the provisions and instructions of the Syrian Stock Exchange and Financial Markets in accordance with the provisions of Law 22 of 19-6-2005.

Article 10

The Executive Instructions for this Fund are issued by decision of the Minister of Economy and Trade.

Article 11

This law is published in the Official Journal.
Damascus at 9-2-1433 A.H., 4-2012, my birth.

President
Bashar al-Assad

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