Damascus - The Syrian Islamic Insurance Company officially opened for business on Monday, with representatives of economic, financial and investment activities from Qatar and Syria attending the opening.

In a statement to the press, Minister of Finance Dr. Mohammad al-Husein underlined the importance of joint insurance companies to the Syrian insurance market as they address the needs of many Syrians since they cover all fields of insurance.

"The Syrian Islamic Insurance Company is the result of joint efforts and cooperation between Syria and Qatar. It is a joint-stock company with a capital of Sp 1 billion, 54% of which belongs to the Qatari side and 46% to the Syrian side," the Minister said, noting that there are currently four panches for the company, and that it will expand soon.

He also pointed out that Syria witnessed an increase in Gulf investments, particularly the investments of Qatari, Emirati and Kurwaiti businessmen, affirming that Syria is working to provide and suitable investment environment to attract investors.

In turn, Chairman of the Board of Directors of the Company Youssef al-Nemaa pointed out that the Syrian economy is witnessing remarkable growth, which makes it a safe haven for investments that provides many opportunities.

Al-Nemaa said the facilitations provided by Syria helped establish a new stage of growth, opportunities and investments, contributing to developing the constructive cooperation between Syria and Qatar, which is bolstered by the continuing coordination between the two countries.

For his part, Deputy Director General of the Company Ali Nayyal noted that the Company's staff is entirely composed of Syrians, providing job opportunities and benefiting from support and training to provide the best insurance services.

There are currently 13 Syrian insurance companies, including the Syrian General Insurance Establishment, two joint insurance companies, and ten regular insurance companies.

The opening was attended by founder of Qatar International Islamic Bank Sheikh Ali bin Abdullah Al Thani, Chairman of the Board of Directors of International Islamic Bank Sheikh Khalid bin Thani Al Thani, Chairman of the Qatari Islamic Insurance Company Sheikh Abdullah bin Thani Al Thani, the Qatari Ambassador in Damascus, Director of the Syrian Insurance Federation Suleiman al-Hassan, Director General of the Insurance Supervision Agency Iiad Zahraa, and representatives of economic and insurance activities.

By H. Sabbagh

© SANA (Syria Arab News Agency) 2009 omar 1.1:zy