President
Based on the Constitution

As approved by the People's Assembly at its meeting held in 141-1431 A.H., May 30-12-2009.

My machine's coming.

Article 1

Amend article 6 of the Act No. 28 of 2001
To become the following.

a. To be determined in the bank's licence instrument.
1. The bank's capital is at least 10 billion Syrian pounds.
2. The number of shares on which the capital is distributed and the value of a single arrow at not less than 500 Syrian pounds.
3. The founders' quotas shall not be less than 25 % - 25 % of the bank's capital upon submission of the application and shall not exceed the upper limit of the ratio mentioned in this law without taking into account the maximum quota of the founders provided for in this law. Companies Act No. 3 of 2008 .
4. The share of the banking and financial public sector in the capital of the bank and the bank is considered common only in the case of the total contribution rates of the banking and financial public sector as set out in article 1 of Act No. 28 of 2001.

b. The total contributions of legal persons at any time, whether these persons are Syrian, Arab or foreign, should not exceed 60 % - 60 % of the bank's capital, and this percentage can be exceeded to 75 % - 75 % provided that this increase is allocated. in favor of the contribution of the banking and financial public sector.

c. The share of the natural person in the capital of the bank at any time shall not exceed 5 % - 5 % of the capital and shall be considered the quota of the wife and children of the natural person within this maximum allowable limit.

The participation of legal persons in the capital of the bank and the extent to which they enjoy banking experience, a global reputation and a solvency in accordance with prevailing international norms and standards shall be considered in the consideration of applications for authorization.

Article 2

Amend article 7 of the Act No. 28 of 2001 To become the following.

a. The capital of the authorized bank shall be established in the licence instrument and shall specify the capital paid upon incorporation at least 50 %/50 % of the authorized capital.
b. The shares that are overflowing from the founders' shares are put on the IPO.
c. The payment of the authorized capital must be completed within three years of the commencement of the bank's activity and the bank may not distribute any profits to shareholders during this period.

Article 3

Amend paragraph (c) Article 9 From Act No. 28 of 2001 to become the following ...

In all cases, the proportion of non-Syrians must not exceed 49 percent of the bank's capital, 49 % of the bank's capital, and may be decided by the Council of Ministers based on the proposal of the Monetary and Credit Council to increase this percentage to 60 % - 60 %, provided that it is the largest share. To the strategic partner of a banking institution with a good global reputation and distinguished experience in banking and wide spread and its financial indicators are highly robust.

Article 4

a. Amend Article (4) of Legislative Decree No. 35 of 2005 So that you become the following.
1. To determine in the Islamic Bank's licence instrument its authorized capital to be at least 15 billion Syrian pounds distributed on nominal shares, of which the nominal value per share is not less than 500 Syrian pounds, as specified in the licence instrument, which is paid at the time of incorporation at least 50 %. Fifty percent of authorized capital.
2. The shares that are overflowing from the founders' shares are put on the IPO.
3. Payment of capital shall be completed within three years of the commencement of the bank's activity and the bank may not distribute any dividend to shareholders during this period.

b. Islamic banks shall be subject to the other provisions of this Law and shall not be inconsistent with the provisions of the decree Islamic Banking Act No. 35 of 2005 .

Article 5

Prior to the operation of this law, licensed banks will grant three years to adjust their position by increasing their capital to the minimum required by the provisions of this law.

Article 6

Before this law, licensed banks are not allowed to increase the total contribution rates of legal persons, whether Syria, Arab or foreign, from 49 % to 60 %, or 75 %, or increase the proportion of non-Syrians, from 49 % to 60 %, unless this increase is not synonymous. With an increase in the capital of these banks to at least 50 % of the minimum amount of capital stipulated in this law and in a way that does not violate the provisions of the laws and regulations in force, as well as a requirement in addition to the above in case the bank wishes to increase the total contribution rates of public legal persons. Banking and finance or increase the proportion of non-Syrian ownership in accordance with the provisions of this Law, prior approval request and issued by decision of the Council Ministers are based on the proposal of the Monetary and Credit Council.

Article 7

Public banks remain subject to the provisions contained in their instruments with respect to the minimum capital.

Article 8

This law is published in the Official Journal.
Damascus in 19-1-1431 A.H., March 4-2010, my birth.

President
Bashar al-Assad

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