Syria has signed an agreement to launch its first syndicated Islamic financing project since liberation, bringing together Al Baraka Bank Syria, Qatar National Bank Syria and the state-owned Commercial Bank of Syria.
The financing, backed by the Ministry of Finance and the Central Bank of Syria, will support construction of the Al-Mujtahid–Bab Musalla tunnel and the final phase of the Qasioun Journey project in Damascus.
The tunnel will extend 2 kilometers underground, connecting the western and eastern parts of the capital. Damascus Governor Maher Marwan al-Idlibi said the project is expected to be completed in two to two and a half years, compared with an estimated 10 years under traditional funding. The Qasioun project will include work on above-ground structures, external finishing, and water, sewage and electricity networks, ahead of a planned launch in summer 2027.
According to the announcement, the Islamic loan offers limited profits and flexible repayment terms. Finance Minister Mohammad Yusr Berneh said the structure is intended to reduce pressure on the public budget, while Central Bank Governor Mohammad Safwat Raslan described it as a new model for cooperation between public and private banks.
The officials said the approach could later support additional transport and reconstruction projects.
Source: SANA
