The Syria International Islamic Bank (Arabic: بنك سوريا الدولي الإسلامي ) (also known as SIIB) is an international bank in Syria. The European Union, and the Arab League, have banned the Syria International Islamic Bank (SIIB), from financial and commercial systems, for acting for or on behalf of the Commercial Bank of Syria and providing services to the Syrian Lebanese Commercial Bank during the Syrian civil war. From 2011 to 2012, SIIB facilitated financing worth almost $150 million on behalf of the Commercial Bank of Syria, circumventing sanctions against it.
Financial arrangements that were purportedly made by SIIB were actually made by the Commercial Bank of Syria. In addition to working with the Commercial Bank of Syria to circumvent sanctions. In 2012, SIIB facilitated several substantial payments for the Syrian Lebanese Commercial Bank and facilitated a payment from this designated bank to an entity of proliferation concern.
In August 2011, Commercial Bank of Syria and its subsidiary, Syrian Lebanese Commercial Bank were subject to U.S. sanctions because of support to entities related to Syrian and North Korean proliferation of weapons of mass destruction.
The U.S. government consulted with the Government of Qatar and the Government of Qatar agreed to take corresponding actions.
Because of U.S. sanctions, Yusef Ahmed Al Naama, non-executive member of the Board of Directors from Qatar, resigned. The announcement was on May 31, 2012.
References
External links
- SIIB Syrian Homepage
- "International Islamic". Qiib.com.qa. Retrieved 2013-05-12. Bank Mainpage
