Question 1

What is International Bank for Trade and Finance (IBTF)?

Accepted Answer

International Bank for Trade and Finance (IBTF) is a private commercial bank operating in Syria. Established as part of Syria's economic liberalization initiative, IBTF provides diverse banking services to individuals, corporations, and businesses across the Syrian Arab Republic.

The bank operates as a subsidiary of Jordan's Housing Bank for Trade and Finance (HBTF), which holds a 49% ownership stake, while private Syrian investors hold the remaining 51%. IBTF has a paid-up capital of 21 billion Syrian pounds, divided into 210 million shares with a nominal value of 100 Syrian pounds per share.

Question 2

When was International Bank for Trade and Finance (IBTF) founded?

Accepted Answer

IBTF was founded on December 14, 2003, as a closed joint-stock company under commercial registry number 13885. The bank was officially registered in the bank registry with the Government Commissioner under number 10 as a private bank pursuant to Decision No. 231/H dated May 23, 2004.

The establishment of IBTF was in accordance with Banking Law No. 28 of 2001, which opened Syria's banking sector to private investments for the first time since 1963. IBTF was the third private bank to be inaugurated in Syria, following the Syrian Overseas Bank and the European Bank for the Middle East-Saudi Fransi, both inaugurated earlier in 2004.

The bank was formally inaugurated by Syrian Finance Minister Mohammed al-Hussein in June 2004. This represented a watershed moment for Syria's economy after decades of nationalization of private banks in the 1960s and the state monopoly over the banking sector.

Question 3

Where is International Bank for Trade and Finance (IBTF) headquartered?

Accepted Answer

IBTF is headquartered in Damascus, Syria, specifically on Al-Pakistan Street in the Saba Bahrat area. The head office serves as the central hub for the bank's operations throughout Syria.

The bank's main administrative offices and customer service facilities are located at this Damascus headquarters, which is accessible during official business hours from 9:15 AM to 3:30 PM on working days.

Question 4

Where does International Bank for Trade and Finance (IBTF) operate?

Accepted Answer

IBTF operates throughout the Syrian Arab Republic with an extensive branch network. The bank has established 19 active branches distributed across most governorates of Syria, bringing banking services to various regions and communities throughout the country.

The bank's expansion strategy focuses on extending its market share in the Syrian banking sector and delivering services to all areas and governorates that require them. Through this widespread network, IBTF aims to deepen banking awareness among citizens and provide accessible financial services across Syria.

Question 5

What services does International Bank for Trade and Finance (IBTF) offer?

Accepted Answer

IBTF provides comprehensive banking and financial services to meet the diverse needs of its customers:

Corporate Banking: Credit services and financing programs for companies of all sizes (large, medium, and small) across various sectors including industry, trade, services, and contracting.

Business Finance: Specialized financing services for commercial and industrial enterprises, supporting business growth and development across different sectors within Syria.

Retail Banking: Accounts, deposits, payment services, and personal banking products for individual customers.

Digital Services: While specific details are limited, the bank operates modern banking facilities and customer service channels accessible through its branch network and contact center (telephone: 011/23880000).

The bank focuses on providing financing services for all sectors within the Syrian Arab Republic, supporting economic development through diverse credit and banking products.

Question 6

What makes International Bank for Trade and Finance (IBTF) unique?

Accepted Answer

IBTF represents a significant milestone in Syria's banking sector evolution as one of the first private banks established following the 2001 banking reform law. The bank's establishment marked Syria's return to a mixed banking system after nearly four decades of state monopoly.

As a joint venture between Jordanian and Syrian investors, IBTF benefits from the expertise and international standards of its parent institution, Housing Bank for Trade and Finance, while maintaining strong local knowledge and connections through its Syrian majority ownership.

The bank's commitment to expanding financial inclusion is demonstrated through its growing branch network across Syrian governorates, bringing modern banking services to communities that historically had limited access to private sector banking.

Question 7

What type of financial institution is International Bank for Trade and Finance (IBTF)?

Accepted Answer

International Bank for Trade and Finance is a private commercial bank (مصرف خاص) operating in Syria under the supervision and regulation of the Central Bank of Syria.

As defined under Syrian Banking Law No. 28 of 2001, IBTF operates as a full-service commercial bank, providing retail and corporate banking services to individuals, businesses, and institutions. The bank is structured as a closed joint-stock company (شركة مساهمة مغفلة), with 49% ownership by Jordan's Housing Bank for Trade and Finance and 51% ownership by private Syrian investors.

Question 8

How has the Syrian conflict affected International Bank for Trade and Finance (IBTF)?

Accepted Answer

The Syrian conflict that began in 2011 has significantly impacted the operating environment for all Syrian banks, including IBTF. Western sanctions imposed on Syria's financial sector have effectively cut off Syrian banks from international financial markets and dollar-based transactions.

Despite these challenges, IBTF has demonstrated resilience by continuing operations through its branch network. The bank has adapted by focusing on non-dollar transactions and maintaining domestic banking services for Syrian businesses and individuals.

The broader economic collapse in Syria has created substantial challenges including reduced economic output, limited access to international financial systems, and constrained lending capacity. However, IBTF continues to serve its customers and support Syria's economic activity within the constraints of the current environment.

International Bank for Trade and Finance (IBTF)

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About International Bank for Trade and Finance (IBTF) in Syria

Intern­ational Bank for Trade and Finance (IBTF)