Power International Holding Acquires Syria International Islamic Bank

Power International Holding has acquired Syria International Islamic Bank for an undisclosed amount.

This transaction marks a significant development in the Syrian financial sector, bringing a prominent Shari’a-compliant banking institution under new ownership.

Syria International Islamic Bank (SIIB), established as a Syrian private anonymous joint stock company with a capital of 13,701,159,803 billion Syrian pounds, has been a key player in the region's Islamic finance landscape, founded on a strategic partnership between private sectors in Syria and Qatar.

SIIB's mission is to offer a wide range of high-quality Shari’a-compliant financial services, funding, and investment products to individuals, institutions, and companies.

The bank aims to be the premier choice and pioneer in the Islamic financial domain, committed to providing services that meet and exceed client expectations while adhering strictly to Islamic principles and modern banking industry developments.

Its values emphasize commitment to Shari’a-compliant services, strong customer relations, employee welfare, and teamwork.

The acquisition by Power International Holding, a diversified holding company, represents a strategic move to enter or expand its presence within the Syrian financial services market.

For Syria International Islamic Bank, this acquisition is expected to provide enhanced stability and access to broader resources, potentially strengthening its operational capabilities and market reach.

The integration under Power International Holding's umbrella could facilitate further development of SIIB's Shari’a-compliant offerings and reinforce its position as a leading Islamic financial institution.

Expected synergies from this acquisition include potential operational efficiencies and a bolstered capacity for innovation within the banking sector.

The backing of a larger holding company could enable SIIB to further its mission of delivering high-quality financial services and investment products, fostering growth and expanding its client base across Syria.

The combined entity is poised to continue serving the evolving financial needs of the Syrian market with a renewed focus on its core Islamic banking principles.