Damascus: Chairman of the Board of Commissioners of the Syrian Commission on Financial Markets and Securities (SCFMS), Dr. Abdul Razzaq Qassem, announced Syria's intention to leverage Qatar's advanced expertise in financial markets to enhance the development of the Damascus Securities Exchange. This initiative aims to improve market efficiency and increase its investment appeal.
According to Qatar News Agency, Dr. Qassem highlighted the significance of collaborating with the Qatar Financial Markets Authority (QFMA) as a means to exchange expertise and strengthen institutional capacities. He pointed out that the upcoming Union of Arab Securities Authorities conference in Tunisia will facilitate discussions with Qatari officials regarding potential joint cooperation.
Dr. Qassem elaborated on the expected focus areas of these discussions, which include training, capacity building, and knowledge transfer. The goal is to draw on Qatar's successful experience in regulating and modernizing financial markets.
He also detailed the measures taken before the resumption of trading on the Damascus Securities Exchange, emphasizing the importance of regulatory and precautionary actions to ensure investor protection and market stability. Companies are now required to publish audited financial statements and governance reports before trading resumes.
Dr. Qassem further explained the initial limitations placed on trading sessions and transactions to maintain market control and balance. These measures include limiting trading to three sessions per week and prohibiting large transactions initially.
The SCFMS continues rigorous monitoring of market activity, with adjusted price controls to prevent manipulation and regulate price movements. Dr. Qassem also revealed a draft law on Islamic bonds, or Sukuk, and a finalized law governing investment funds, both aimed at enhancing the legislative framework for financial instruments.
He emphasized the open investment environment in the Damascus Securities Exchange, noting the removal of previous restrictions to facilitate easier and more flexible market entry for investors. This, he argued, would boost investor confidence and market attractiveness.
Looking forward, Dr. Qassem anticipated the formation of new public shareholding companies across various economic sectors. This development is expected to reflect the Syrian economy's transition towards a liberalized model, expanding the Damascus Securities Exchange and its alignment with the economic landscape.