Conventional private banks have been operating in Syria since 2004, based on Decree No. 28 of 2001, which allowed their establishment. These banks carry out their activities under the supervision and control of the Central Bank of Syria in accordance with the provisions of the Basic Monetary System No. 87 of 1953, and its amendments by Law No. 23 of 2002 and the subsidiary currency regulations.

Private Islamic banks began operating in the Syrian market in 2006, based on Decree No. 35 of 2005, which allowed their establishment, in accordance with the legal foundations, formulas and procedures stipulated in the Law on the Establishment of Private Banks in Syria No. 28 of 2001. Islamic banks carry out their activities under the supervision and control of the Central Bank of Syria and the supervision of the Shariah Board Committee emanating from the Monetary and Credit Council, to manage Shariah matters in relation to Islamic banking in Syria.