The Industrial Bank of Syria is considered the only Syrian bank specialized in financing industrial activities. It was established in accordance with Law No. 177 of 1958 with a capital of 12.5 million Syrian pounds. The primary goal of its establishment was to support the local industry with all types of loans and banking facilities.

The bank's nominal capital has increased to ten billion Syrian pounds in accordance with Law No. 25 of 2009.

Law No. 28 of 2010 was issued, which abolished Law No. 177 of 1958. Accordingly, the objectives of the Industrial Bank are to provide loans to public and private industrial projects and other investment projects, and contribute to promoting the national economy via:

1. Providing credit facilities for various terms for a period not exceeding fifteen years.

2. Offering various banking services, including conducting external operations for the bank’s clients in a manner that does not conflict with applicable currency regulations.

3. Participating in national financial institutions and trading securities. The bank has the right to retain the securities it owns or sell them in accordance with applicable laws and for the bank’s interest in the financial markets, subject to the requirements of the bank's interest, after obtaining prior approval from the Minister of Finance.