Amman, Dec. 3 (Petra) – Jordan’s banks are in a strong position to support reconstruction and economic development efforts in Syria, particularly with three Jordanian banks already operating in the Syrian market, Governor of the Central Bank of Jordan (CBJ) Adel Sharkas said on Wednesday.

Speaking at the Jordanian-Syrian Banking Summit, held by the Association of Banks in Jordan (ABJ) and attended by Syria’s Central Bank Governor Abdelkader Husrieh, Sharkas said expanding this presence would directly help transfer Jordan’s accumulated banking expertise to Syrian institutions and develop financial products that meet current needs.

He said significant opportunities exist to share Jordan’s experience in digital financial services and financial technology, noting that such cooperation would help modernize Syria’s banking sector, increase its integration into regional and international markets, and strengthen financial linkages between the two countries at a time when Syria is moving toward greater economic recovery and reintegration.

Sharkas highlighted Jordan’s progress in digital payments and online banking, driven by widespread use of electronic channels, which has expanded financial inclusion and improved service quality for individuals and businesses. He added that Syria’s ongoing economic recovery, together with steps to reintegrate it into regional and global financial systems and lift restrictions, is opening new opportunities for trade, investment, and development.

He said CBJ is ready to engage in close cooperation with the Syrian central bank, including sharing technical and supervisory expertise to help strengthen Syria’s financial system.

Jordanian banks, he noted, have mobilized JD49.3 billion in deposits, extended JD36.2 billion in credit, and now operate in 16 countries. Four Jordanian banks are listed among the world’s top 1,000 banks based on 2024 financial results. The sector has repeatedly proven its ability to withstand shocks by developing innovative financial solutions that keep pace with global technological and regulatory developments.

Trade between Jordan and Syria reached about $400 million in the first three quarters of 2025, reflecting a clear recovery and prospects for further expansion. Sharkas stressed that economic ties are grounded in deep historical, geographic, and social links, making economic cooperation a shared enabler of sustainable growth in line with the leaderships’ vision.

ABJ Chairman Bassem Khalil Al-Salem said the meeting of senior Jordanian and Syrian banking and economic leaders signals a clear political and economic will to build a deeper, more structured partnership. He said banks can play a pivotal role in rebuilding ties and supporting economic integration, particularly in reconstruction and modernization efforts.

Al-Salem said Jordan’s vision toward Syria aligns with His Majesty King Abdullah II’s consistent calls to stand by the Syrian people and support their path to stability and prosperity. He noted the resilience of Jordan’s banking sector strong capital, ample liquidity, prudent regulation, and effective governance built over decades.

He added that the sector is now moving confidently into the era of digital banking, artificial intelligence, instant payments, and advanced compliance systems, making it a natural partner in developing financial sectors across the region.

He said Syria faces major challenges but also vast opportunities across energy, transport, agriculture, industry, trade, and services, as well as in meeting large financing needs for reconstruction, banking reform, and technology upgrades. He proposed a framework for ongoing Jordanian-Syrian banking dialogue, including forming a joint committee, creating a safe environment for investment, expanding partnerships, enhancing digital integration, and strengthening governance and compliance.

Syrian Central Bank Governor Abdelkader Husrieh said the meeting comes at a sensitive global moment marked by political volatility, inflation cycles, supply chain disruptions, and rapid advancements in financial technology. He said banks in both countries have played an important role in maintaining financial stability, supporting production sectors, financing bilateral trade, and enhancing digital infrastructure.

Husrieh said exchange-rate stability and effective monetary policy are essential for investment and that his institution is improving policy tools, managing reserves, upgrading cash-flow monitoring systems, and updating banking regulations to match global governance and risk standards. Ongoing upgrades include a real-time settlement system, a national banking network hub, a domestic credit-scoring system, and stronger cybersecurity frameworks.

He called for practical cooperation between Jordanian and Syrian banks in payment and settlement systems, joint financing programs for key sectors, risk-management training, digital transformation, and shared assessments of financing needs.

Syria, he said, is entering a new phase of rehabilitating facilities and expanding production, presenting investment opportunities in food and manufacturing industries, modern agriculture, energy, construction, transport, and technology. Joint banking mechanisms such as bilateral financing programs, a shared investment fund for agriculture, industry and energy, credit lines for trade, and joint guarantees would help turn these opportunities into real projects.

Husrieh said the opportunities ahead are significant and that Syrian-Jordanian banking cooperation can serve as a real driver of stability and growth.

ABJ Director-General Maher Mahrouq presented a detailed overview of Jordan’s banking sector, describing it as one of the key pillars of the national economy and among the most regulated sectors, supported by a strong supervisory framework. The sector comprises 15 Jordanian banks and five foreign banks, both Islamic and commercial, and provides a wide array of services, with 84 percent of transactions now conducted electronically.

He noted that banking assets are equivalent to Jordan’s GDP, deposits stand at 112 percent of GDP, and credit facilities approach $50 billion figures that underscore the sector’s role as a main engine of economic growth.

The summit, which reflected a shared intent to initiate deeper cooperation aligned with regional economic developments and Syria’s reconstruction efforts, concluded with agreement on practical next steps: forming joint committees, launching financing programs, exchanging expertise, modernizing technological systems, and creating a secure and transparent financial environment to support Syria’s reconstruction and strengthen economic integration.

The summit was attended by Minister of State for Economic Affairs and Head of the Economic Team Muhannad Shehadeh, chairmen and general managers of banks, and representatives from the Jordan Chamber of Commerce and Industry, regulatory bodies, the Securities Commission, and the exchange and insurance sectors.

//Petra// AF

03/12/2025 19:53:04