New Legislation for Investment and Islamic Bonds Impact Syrian Market
In an effort to revitalize the Syrian economy, Abdulrazzaq Qassim, Chairman of the Board of Commissioners of the Syrian Securities and Financial Markets Authority, announced an ambitious plan to develop the financial sector in cooperation with the Ministry of Finance. The initiative is built on several strategic pillars aimed at diversifying financial instruments and enhancing transparency within the market. Investment Funds and Islamic Sukuk Qassim explained that one of the central components of the plan is the diversification of securities traded on the Damascus Securities Exchange (DSE). He noted that the Authority is working on legislation to establish investment funds, describing them as an effective mechanism for pooling savings and channeling them into the productive sector. He also revealed that a draft law regulating Islamic sukuk, an Islamic financial certificate, similar to a bond in Western finance, to raise capital without violating religious prohibitions on interest, has ...