Damascus Chamber of Commerce: Consecutive Administrative Changes Reflect Institutional Instability
Commercial and economic institutions in Syria suffer from the consequences of centralized governance that allows for top-down appointments instead of respecting election mechanisms and genuine represe
March 26, 2025, 8:14 pm

Damascus Chamber of Commerce: Consecutive Administrative Changes Reflect Institutional Instability

غرفة تجارة دمشق

The Ministry of Internal Trade and Consumer Protection in Syria's interim caretaker government has issued a new decision appointing members to the Damascus Chamber of Commerce board of directors for the second time within a short period, reflecting a state of institutional instability and the absence of a clear vision in managing economic institutions.

Decision No. 1189, signed by Minister of Internal Trade and Consumer Protection Maher Khalil Al-Hasan, includes canceling previous decisions and certifying the election results of the Damascus Chamber of Commerce board members for the 2024-2028 term. This move reflects the continued approach of central intervention in the affairs of economic institutions that should enjoy decision-making independence.

The new decision includes the appointment of 12 members to the Chamber's board: Hamza Al-Jabban, Ammar Al-Bardan, Basel Hadaya, Nadine Naji Shawi, Layla Al-Samman, Farid Talal Khoury, Issam Ghariwati, Mohammad Beiraqdar, Luay Burhan Al-Ashqar, Obaidullah Al-Zayed, Darwish Ajlani, and Muhannad Sharaf, in addition to a representative from the Ministry of Internal Trade and Consumer Protection. This composition raises questions about selection criteria and how well it represents Damascus's commercial sector.

The decision states that the mentioned board members will elect executive office members according to Law 8 of 2020, and that the new board will carry out its duties until the end of the current term. This procedure reflects the nature of the centralized system that imposes top-down appointments instead of supporting the independence of economic institutions.

The decision was issued on 26 Ramadan 1446 AH, corresponding to March 26, 2025, and comes shortly after a previous change to the Chamber's board, indicating the continued state of instability in Syrian economic institutions and highlighting the need for radical reforms.

These consecutive changes come amid a severe economic crisis in the country that requires institutional stability and a clear economic plan, rather than administrative confusion that exacerbates the crisis and hinders economic recovery efforts. It highlights the multiple disadvantages of centralized governance that disrupts private sector initiatives and fosters a culture of dependency.

These repeated changes are one manifestation of the continuation of the approach that prevailed under the previous regime, based on controlling the joints of the economy and disrupting free market mechanisms, instead of adopting economic policies based on decentralization, empowering the private sector, and enhancing its role in the development process.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.