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 The sector also struggles with outdated infrastructure, limited modern technology, and hyperinflation, while political instability further hampers growth and modernization.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.

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.