The Central Bank of Syria is the authorized entity responsible for supervising and overseeing licensed financial institutions operating within the territory of the Syrian Arab Republic. It holds full regulatory authority based on the Law of the Central Bank of Syria and the Basic Monetary Law No. 23 of 2002 and its amendments, including the development of regulatory frameworks that ensure the protection of the rights of clients of these financial institutions.
Article 4 of the aforementioned law stipulates that the Central Bank of Syria shall perform its functions in accordance with the provisions of this law and the instructions and regulatory directives it issues, in line with best international practices. To this end, it shall exercise the necessary powers to achieve its objectives, including, in particular:
Issuing instructions and procedures that ensure the protection of financial institution clients and regulate the relationship with them.
Levant Bank organizes its relationship with clients based on the provisions set forth in the following laws:
The Banking Regulation Law, which grants the Central Bank of Syria the authority to issue rules and instructions governing the dealings of banks with individuals and institutions, ensuring fairness, transparency, and the protection of rights.
Insurance Law No. 43 of 2005, which defines the role of the Insurance Supervisory Commission — in coordination with the Central Bank of Syria — in protecting the rights of beneficiaries of insurance services.
Microfinance Law No. 8 of 2011, which includes clear provisions related to financial consumer protection and ensuring fair and responsible financing practices.
Credit Information Law No. 15 of 2015, which regulates the rights of individuals in the credit information sector and defines the mechanisms for data collection, exchange, and protection.
Law Regulating Electronic Payment Services No. 23 of 2021, which aims to enhance the protection of parties involved in payment systems and electronic payment service providers and to safeguard their rights within a secure and regulated financial environment.
Accordingly, Levant Bank is committed to implementing all regulations and instructions issued by the regulatory authorities and operates in accordance with the best local and international standards in protecting client rights and ensuring transparency in banking transactions.