RIYADH: Syria has signed its first syndicated bank financing agreement structured under Islamic finance principles, bringing together three banks to fund two development projects in Damascus and provide an alternative to government budget financing. The arrangement involves Al Baraka Bank Syria, QNB Syria and the Commercial Bank of Syria, according to the Syrian Arab News Agency, or SANA. The financing is sponsored by the Ministry of Finance and the Central Bank of Syria and carries a sovereign

Source: Arab News