Islamic banking set for solid growth
PRIVATELY OWNED BANK branches are springing up fast among the fashion boutiques, coffee bars and internet cafés that line the leafy upmarket suburbs of Damascus. It’s a stark contrast to the situation just five years ago, when the entire banking sector still lay in state hands and finding an ATM required first finding a taxi. The transformation bears witness to the early fruits of Syria’s difficult and complex shift away from a monolithic, centrally planned economy towards one driven by market forces.
Such a goal has been a cornerstone of president Bashar Assad’s gradual economic liberalization programme since 2001.
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