Banks in Syria: Current List of Banks in Syria

As of August 2026, Syria has 6 state-owned banks:

• Commercial Bank of Syria
• Real Estate Bank
• Agricultural Cooperative Bank
• Industrial Bank
• Popular Credit Bank
• Savings Bank

As of August 2026, Syria has 11 private conventional banks:

• Banque Bemo Saudi Fransi
• Bank of Syria and Overseas
• International Bank for Trade and Finance
• Arab Bank Syria
• Ahli Trust Bank
• Shahba Bank
• Syria Gulf Bank
• Bank of Jordan Syria
• Fransabank Syria
• Bank Al-Sharq
• Qatar National Bank Syria

As of August 2026, Syria has 4 private Islamic banks:

• Syria International Islamic Bank
• Cham Bank
• Al Baraka Bank Syria
• National Islamic Bank

Older directories return different totals because bank names and ownership have changed. Shahba Bank, for example, is the former Byblos Bank Syria. Bank Audi Syria no longer appears under that name, while Fransabank remains in the Q1 2026 official directory.

Syria's six state-owned banks are the Commercial Bank of Syria, the Real Estate Bank, the Agricultural Cooperative Bank, the Industrial Bank, the Popular Credit Bank and the Savings Bank.

Public banks dominate the sector's balance sheet and branch reach. According to a 2026 Central Bank of Syria report on public banks, the Commercial Bank of Syria accounts for about 80% of sector assets and more than 70% of deposits and lending. That scale explains why its 2025 removal from the US sanctions list mattered beyond one institution.

According to a 2025 US Treasury FAQ on Syrian financial institutions, all Syrian financial institutions were removed from the OFAC SDN List following Executive Order 14312. The legal barrier fell quickly. Operational access did not.

Discussions within Syrian banking communities in May 2026 still described account opening as document-heavy, with requests for salary certificates and proof of income. The practical takeaway is that public-bank scale does not guarantee faster onboarding or unrestricted cash access.

Syria's eleven private conventional banks include Banque Bemo Saudi Fransi, Bank of Syria and Overseas, the International Bank for Trade and Finance, Arab Bank Syria, Ahli Trust Bank, Shahba Bank, Syria Gulf Bank, Bank of Jordan Syria, Fransabank Syria, Bank Al-Sharq and Qatar National Bank Syria.

Private banking returned under Law No. 28 of 2001, with the first institutions beginning operations in 2004. That origin shaped the market. Syrian banks were commonly built as joint ventures with banking groups from Lebanon, Jordan, Qatar, Saudi Arabia, Kuwait and Bahrain. The regional partnerships supplied capital, systems and technical experience that the state-bank network lacked.

Private banks remain smaller than public banks in assets and branch coverage. The Q1 2026 directory records 557 branches across all 21 banks, but the public institutions hold much of that network.

Private banks have nevertheless become the most visible route for regional acquisitions. Shahba Bank's 2026 sale of a 49% stake to Qatar-based Estithmar Holding shows where reform is moving next.

Discussions within Syrian banking communities in May 2026 repeatedly named QNB Syria as a likely early option for international services. That expectation is useful market sentiment, but it is not proof that a specific branch can process a specific wire. You should always confirm the service, currency, documents and correspondent route with the bank before opening an account.

Syria has four private Islamic banks: Syria International Islamic Bank, Cham Bank, Al Baraka Bank Syria and National Islamic Bank.

Islamic banks provide Sharia-compliant structures under Legislative Decree No. 35 of 2005. The distinction concerns the contract mechanism. Murabaha, for example, structures finance as the bank purchasing an asset and reselling it at a disclosed markup rather than advancing an interest-bearing loan.

Islamic banks carry a higher statutory minimum capital requirement than conventional banks. Based on the pre-redenomination law and the current exchange basis used in a 2026 sector analysis, the thresholds equal roughly $1.3 million for Islamic banks and $0.9 million for conventional banks. Both figures are low by regional standards because the nominal Syrian-pound thresholds did not keep pace with depreciation.

The Syria International Islamic Bank began operating in 2007 with Syrian and Qatari shareholders and trades on the Damascus Securities Exchange. National Islamic Bank began operations in 2023, making it the newest bank in the category.

Discussions within Syrian Islamic-finance communities in August 2026 show two recurring views. Users value Sharia-compliant contracts, but others argue that the economic cost can resemble conventional finance.

The practical implication is to compare the total payable amount, asset ownership, late-payment rules and Sharia board approval, not the product label alone.

The Central Bank of Syria regulates all banks operating in the country, sets monetary policy and licenses financial institutions. The bank supervises conventional and Islamic banks, payment companies, foreign-exchange institutions and anti-money-laundering controls.

The regulator's 2026 to 2030 strategy sets five priorities, including price stability, a sound banking sector, a balanced foreign-exchange market, secure digital payments and international financial integration. According to a 2026 Central Bank of Syria publication on its 2026 to 2030 strategy, the programme links digital infrastructure to financial inclusion rather than treating card acceptance as a standalone project.

According to a 2026 US Treasury statement on the New York Fed account, the Central Bank's account at the Federal Reserve Bank of New York was reactivated in March 2026 for the first time since 2011. That account supports reserve management and official settlements, but it does not automatically create correspondent relationships for every Syrian bank.

Yes, Syrian banks regained access to SWIFT in 2025 after fourteen years of isolation, and the first commercial transfer went from a Syrian bank to an Italian bank. According to a 2025 Reuters report on Syria's first SWIFT transfer, the transaction took place in June 2025.

Four milestones reopened the legal and technical route for banks in Syria:

1. The United States eased broad financial restrictions in May 2025.
2. Executive Order 14312 revoked the Syria sanctions programme in June 2025.
3. The Caesar Act was permanently repealed in December 2025.
4. The Central Bank's New York Fed account resumed operation in March 2026.

It should be noted that SWIFT is a secure messaging network, not a guarantee that a transfer will settle. A Syrian bank still needs an overseas correspondent bank willing to receive the instruction, screen the parties and move the funds. Correspondent relationships remain limited because international banks are reassessing Syrian compliance, ownership and counterparty risk one institution at a time.

For example, a Syrian importer paying an overseas supplier depends on a foreign correspondent accepting that bank, currency and transaction purpose. A BIC code proves that the bank can be identified on SWIFT. It does not prove the payment corridor is open.

Discussions within Syrian remote-work communities in May 2026 still reported that residents could not find a dependable USD wire route. The timing matters because the thread appeared after national reconnection headlines, hence the practical takeaway is to request written confirmation of incoming and outgoing SWIFT capability from the chosen branch before sending money.

Syria ran its first trial Visa and Mastercard payments on 9 May 2026 after more than fifteen years without international card-network access. The Central Bank had already authorised licensed banks and payment companies to work with global payment networks under Decision 259.

According to a 2026 Enab Baladi report on Visa and Mastercard trials, the test used Paymera infrastructure at an official event in Damascus. The trial proved network connectivity; however, it did not mean Syrian-issued international cards or card terminals became available nationwide overnight.

Discussions within Syrian payment communities in May 2026 immediately questioned whether the demonstration used a foreign-issued card. Users have also raised merchant fees and the absence of terminals outside selected businesses. Those concerns draw the right boundary: cards now work at a technical and pilot level, while daily adoption remains concentrated in formal merchants, tourists and digitally active users. Cash in Syria still defines most transactions.

Syrian banks currently function mainly as deposit and payment institutions, with customer lending equal to just over 4% of GDP. According to a 2026 US Embassy investor guide on Syria's banking sector, that ratio shows how little bank credit reaches households and businesses.

The system faces four structural limits:

• Branch reach: The Q1 2026 directory records 557 branches, but coverage is uneven across governorates and heavily concentrated in public banks.
• Cash access: Withdrawal ceilings and physical-note shortages have repeatedly separated account balances from money customers can use.
• International connectivity: SWIFT access has returned, while correspondent lines and routine settlement remain incomplete.
• Capital: Statutory capital floors lost most of their dollar value during the pound's collapse.

The sector's Lebanon exposure adds another constraint. A September 2025 Central Bank directive required affected banks to provision fully for losses tied to about $1.6 billion held in Lebanon and submit restructuring plans within six months.

Discussions within Syrian banking communities in August 2026 described demand for banking products as high but service delivery as slow, tedious and frustrating. That gap between demand and institutional capacity is the system's central problem.

Hawala is an informal transfer network in which a broker pays the recipient locally against a matching obligation collected by another broker abroad, so the original funds do not cross the border through a bank. Hawala carried much of Syria's international money movement during the sanctions years and still reaches places outside the branch network. The trade-off is limited price transparency: exchange rates, fees and recourse depend on the brokers, which makes cost comparison and dispute resolution harder than with a licensed provider.

Oliver Wyman completed the first phase of a review of Syria's six state-owned banks in 2026 under an assessment backed by Qatar, the US Treasury and the World Bank. According to a 2026 Enab Baladi report on public-bank reform, the review produced three broad pathways:

1. Convert public banks into state-owned joint-stock companies with commercial governance.
2. Privatise selected banks or allow acquisition by foreign institutions.
3. Form strategic partnerships with Arab and international banks.

The Ministry of Finance leads public-bank restructuring, while the Central Bank concentrates on private-bank supervision, prudential rules and financial stability. Decree No. 70 of 2026 supports the clean-up by offering conditional interest and penalty relief on defaulted public-bank loans and rescheduling debts above 100 million Syrian pounds.

Reform has gained financial backing. According to a 2026 World Bank announcement on Syria's financial-sector modernisation, a $100 million IDA grant approved in August 2026 will fund core infrastructure, bank rehabilitation, stronger supervision and Central Bank capacity. That programme moves reform from diagnosis to implementation, but governance and correspondent-bank confidence will decide whether the investment reaches customers.

Syrian banks are reconnecting, but international transfers remain uneven and hawala lacks standardised pricing. The next question is therefore practical rather than institutional: which payment methods work now, and under what conditions?

The payment methods currently available in Syria include cash pickup through licensed remittance routes, bank transfers where a correspondent corridor is confirmed, and selected digital-asset exchanges. PayPal, Wise, Stripe and Zelle do not provide ordinary Syrian resident access.

nsave provides an account abroad from which eligible users can send money for cash pickup at National Islamic Bank branches.

To send money to Syria with nsave, you fund a USD account held abroad, start a transfer to a cash pickup destination, and your recipient collects Syrian pounds using a pickup code at a National Islamic Bank (NIB) Syria branch.

nsave started routing inbound cash-pickup transfers to Syria on May 15, 2026, through a partnership with NIB Syria, alongside new multi-currency accounts in USD, EUR, and GBP for Syrians themselves. nsave is the first global fintech to open a formal cash-pickup route into Syria.

The transfer runs in 3 steps:

1. Open a transfer to a cash pickup destination from the nsave app.
2. Share the pickup code with your recipient.
3. Your recipient collects the funds in Syrian pounds at an NIB Syria branch in Damascus, Aleppo, Hama, Homs, or another major city.

You should check current pickup timing and fees in the nsave app before you send, because rates and processing windows change and this guide won't have today's live numbers.

Funding the sending side is a separate step from the transfer itself, and it's where nsave differs most from a one-off remittance app. An nsave USD account carries no charge on the Standard plan as of July 2026 and opens with a passport or ID. It receives payouts from Upwork, Fiverr, Payoneer, PayPal, Wise, and standard ACH or SWIFT bank transfers.

No, Zelle does not work in Syria because it is a US domestic service that requires both sender and recipient to hold eligible US bank accounts. According to a 2026 Zelle FAQ on international use, Zelle does not provide an international payout route.

For example, a person in the United States cannot send through Zelle directly to a relative's Syrian account. The sender's US account may work normally, but the Syrian recipient has no eligible US account for the payment to reach.

No, PayPal does not support opening or operating a standard account from Syria as of August 2026. Syria remains absent from PayPal's global list of supported account countries. A PayPal page loading on a Syrian connection does not prove that registration, receiving or withdrawals are enabled.

For eligible users outside Syria, an nsave account can receive supported employer or platform payments through the account details provided in the app.

No, Wise does not support registration, login, sending or receiving from Syria as of August 2026. According to a 2026 Wise help page on unsupported countries, activity from Syria can trigger account restrictions or cancelled transactions.

As of August 2026, foreign-issued Visa and Mastercard cards have worked in limited Syrian trials, but Syrian-issued cards with general international acceptance are not yet widely available.

Binance and Bitget accept Syrian residents, while Bybit still lists Syria as an excluded jurisdiction as of August 2026.

According to a 2025 Binance announcement on Syrian access, Syrian residents regained registration and general product access in June 2025. Bitget announced the same change one day later. However, Bitget's 2026 product notices still exclude Syria from specific SWIFT deposit routes and selected trading pairs. Availability is therefore an account-level and product-level question, not one universal yes or no.

Exchange policies can change in either direction, and legal access does not remove custody, volatility or withdrawal risk. You should confirm the current country policy and successful withdrawal route before funding an account.

The nsave GBP and EUR card accounts are issued by a partner institution pursuant to a licence by Mastercard International. The partner institution is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and payment instruments. Mastercard and the Mastercard brand mark are registered trademarks of Mastercard International.

The information provided in this content is for informational and educational purposes only and should not be construed as financial advice. Before making any financial decisions, it is highly recommended that you seek advice from a qualified financial adviser who can consider your individual financial circumstances and objectives.

As a non-bank payment provider, your money is not protected by the Financial Services Compensation Scheme (FSCS).

The information in this article is provided for general informational and educational purposes only and does not constitute financial, legal, or tax advice from nsave or any of its affiliates. It is not a substitute for advice from a qualified financial adviser. We make no representations or warranties, whether expressed or implied, that the content is accurate, complete, or up to date.

Fees, exchange rates, incentives, and product availability may change and can vary by user and jurisdiction. Examples are illustrative only. Before making any financial decisions, seek advice from a qualified financial adviser who can assess your individual circumstances and objectives.

nsave helps freelancers and professionals from Bangladesh, Nigeria, Pakistan, Egypt, and other emerging markets receive and manage USD abroad. As a non-bank payment provider, your money is not protected by the Financial Services Compensation Scheme (FSCS). Customer funds are held in regulated, UK and EEA financial institutions, separated from company funds, and protected through safeguarding rules designed for electronic money services.