Banking

Fady Obeid

Joelle Estefane

The Syrian market has witnessed an increase in retail consumption since the introduction of private banks in 2003. Previously, personal loans and consumer products were hardly accessible to average income individuals. Housing loans for example, were only available through one of the public sector’s specialized financial institutions. Burdensome document requirements, however, made loan requests increasingly difficult. Now banks are engaged in a ‘cat fight approach’ to secure the recognition of innovation in a virgin-like environment, cramped with regulatory and disclosure related challenges. They are seeking to acquire a market share that will ultimately establish leadership in one sector of the business. Retail banking is profitable with low diluted risks, and stable source of interest and non-interest income.