Finance
List of Commercial banks in Syria
Syria’s banking system is struggling. While there are both government and privately owned banks, the entire system has been badly damaged by the war. Banks have faced huge problems with money and people don’t trust them anymore. Despite these challenges, banks are still important for everyday life and business in Syria.
Overview of Syria’s Banking Sector
Syria’s banking sector is a complex landscape shaped by both state control and private enterprise, overseen by the Central Bank of Syria, which manages monetary policy and currency regulation. Historically crucial to supporting the economy, the sector has been significantly disrupted by the conflict since 2011, suffering from economic sanctions, hyperinflation, and a decline in public trust, which have severely limited its efficiency. Despite these challenges, Syrian banks remain vital to economic resilience, supporting businesses, individuals, and government operations. The banking sector facilitates credit, savings, and government policies, with state-owned banks focusing on public sector needs and private banks serving businesses and individuals. Both types of banks contribute to reconstruction efforts in key sectors like agriculture and manufacturing, while Islamic banks such as Cham Bank and Al Baraka Bank add diversity by offering Sharia-compliant services. However, economic sanctions have isolated Syria’s banking system from global financial markets, restricting foreign investment and trade. The sector also struggles with outdated infrastructure, limited modern technology, and hyperinflation, while political instability further hampers growth and modernization. Despite these obstacles, several state-owned and private banks continue to operate and play crucial roles in the country’s economy.
| Bank Name | Headquarters | Bank Sector | Bank Revenue (SYP) | Bank Revenue (USD) | Contact Details |
| Commercial Bank of Syria | Damascus | Public | 4.7 billion | 0.00038 billion | Tel: +963 11 222 8005 |
| Real Estate Bank of Syria | Damascus | Public | 7 billion | 0.0005 billion | Tel: +963 11 221 3278 |
| Banque Bemo Saudi Fransi | Damascus | Private | 4.22 billion | 0.0003 billion | Tel: +963 11 9293 |
| Bank of Syria and Overseas | Damascus | Private | 481.62 billion | 0.037 billion | Tel: +963 11 9212 |
| Qatar National Bank Syria (QNB) | Damascus | Private | 3.3 billion | 0.0002 billion | Tel: +963 11 9321 |
| Byblos Bank Syria | Damascus | Private | 754.41 billion | 0.057 billion | Tel: +963 11 9296 |
| International Bank for Trade & Finance | Damascus | Private | 1,144 million | 0.0879 million | Tel: +963 11 222 5155 |
| Syria Gulf Bank | Damascus | Private | 18.0 million, | 0.00138 million | Tel: +963 11 3344 4444 |
| Cham Bank | Damascus | Private (Islamic) | 1090 Crs | 0.083 crs | Tel: +963 11 3355 3000 |
| Al Baraka Bank Syria | Damascus | Private (Islamic) | 1.14 billion | 0.00007 billion | Tel: +963 11 3354 5010 |
Conclusion
Syria’s banking sector remains crucial for the economy but is severely hampered by the ongoing conflict, international sanctions, and isolation. While it continues to support domestic activities, its potential for growth and modernization is severely limited.
