The cabinet, said a statement, has endorsed a proposal by the central bank on the creation of the "Syria and the Gulf Bank" with a capital of USD 60 million.
Kuwait's Global Investment House, and the Fotuoh Investments company, along with Bahrain's Gulf Bank and Lebanon's First National Bank will set up the new firm.
Syria has approved the creation of a number of private banks. President Bashar Al-Assad has lately issued a decree on the creation of Islamic Sharia compliant banks for the first time in the Arab nation's history.(Source) Kuna