Syria’s President Bashar al-Assad meets with Iran’s FM, Hossein Amir Abdollahian, in Damascus, Syria, August 29, 2021. (REUTERS)

December 4, 2021

Head of the Trade Promotion Organization in Iran Alireza Paymanpak said that Iran and Syria are considering launching a joint bank to facilitate bilateral trade.

At the same time, reports pointed to Iran expanding its influence in southern Damascus with the hopes of establishing a Hezbollah stronghold similar to Lebanon’s Dahieh in Beirut’s southern suburbs.

Paymanpak revealed that four agreements had been signed with Syria during the Iranian industry minister’s visit to Damascus. He confirmed that Syria and Iran intend to grow the trade between them.

He added that this visit and meetings with senior officials in Syria had achieved many gains that will pave the way for the development of trade between the two countries.

In 2019, the Governor of the Central Bank of Iran discussed with his Syrian counterpart the issue of establishing a joint bank and facilitating the activity of businessmen.

The two sides agreed to establish a joint banking committee that includes representatives of the banks of the two countries. The committee was established to follow up on the implementation of the memorandums of understanding signed between the two central banks.

It is noteworthy that a Syrian delegation has participated in the annual conference of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which started in the Bahraini capital, Manama, two days ago.

The Syrian delegation was headed by the Governor of the Central Bank of Syria, Muhammad Issam Hazimeh.

In a statement, the Syrian Central Bank pointed out the importance of Syrian participation in this two-day conference. It noted how Islamic banking has developed in Syria over the course of the last fourteen years.

On the other hand, reliable sources have told the Syrian Observatory for Human Rights that the construction of several buildings is proceeding in the Al-Bahdaliyah area in Babilla district in southern Rif Dimashq, neighboring the Sayeda Zeinab area, which is a prominent stronghold of Iranian-backed Syrian and non-Syrian militiamen, particularly of the Lebanese Hezbollah, in the suburbs of the capital, Damascus.

Asharq Al-Awsat

About Track Persia

Track Persia is a Platform run by dedicated analysts who spend much of their time researching the Middle East, in due process we fall upon many indications of growing expansionary ambitions on the part of Iran in the MENA region and the wider Islamic world. These ambitions commonly increase tensions and undermine stability.