The Syrian Insurance Supervisory Commission (SISC) met representatives of the Jeddah-headquartered Islamic Development Bank (IsDB) and the Islamic Development Bank Institute yesterday to explore prospects for joint cooperation and ways to support and develop the insurance sector in the Syrian Arab Republic.
In a statement, the SISC said that the meeting discussed the possibility of establishing a cooperation framework extending over a period of at least three years. This framework would include the provision of technical assistance and grants needed to develop the insurance sector, strengthen governance within financial institutions and insurance companies, and benefit from leading international experiences, particularly that of Saudi Arabia. These efforts aim to improve insurance services and enhance the efficiency of institutions operating in the sector.
The participants also discussed the training and professional development needs of the Syrian insurance sector, as well as the possibility of organising specialised training programmes and workshops in cooperation with the Islamic Development Bank Institute. These initiatives would support institutional capacity-building, develop technical expertise, and facilitate the transfer of knowledge and international best practices.
The discussions also focussed on developing takaful, particularly in light of the allocation of a separate chapter for it in Syria’s draft Unified Insurance Law, and providing the technical assistance for its implementation.
In addition, the meeting explored potential areas of cooperation in Export Credit Insurance and Political Risk Insurance, as well as the role of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) in supporting these areas and strengthening their contribution to promoting investment and trade.
The meeting concluded with both parties emphasising the importance of continuing coordination to identify cooperation priorities and develop action plans that would advance the Syrian insurance market and strengthen its role in supporting economic development.