Syria enjoys a geographic position where the three continents meet. Since the time of the Canaanites, through the golden age of the Arabian and Islamic Nation and up until now, Syria has been the centre of trade and transportation by land, sea and air.
Al-Mawardi, who was Treasury Minister then, clarified the role and importance of international commerce. He said, “90 percent of livelihood is in commerce and farming.” Thus, Al-Mawardi called for activating trade that leads to fluctuating money in journeys and transferring it in the countries. He considered this more convenient, more beneficial and more dangerous to the kind people.
A deep reading of Al-Mawardi’s saying about money fluctuation and transference among countries means that the increase in international trade will increase the ties of the social relations among the citizens of those countries and their financial status will improve. That results in developing all the countries and enjoy security and ease to further the relations regarding the social and economic interests. This is reflected in benefit to all people.
Since the end of the 20th Century, the EU has conducted the policy of concentration on services’ economy where the commercial services constitute (85 percent) of the local production.
As though history repeats itself. Despite the period between the two examples being nearly 1000 years, going back to the advantageous policies always increases benefit to people regardless of their colour and gender.
Services’ economy depends on providing service products in several fields such as health, education, tourism, transportation, communication, banking, insurance and banknote markets; besides, knowledge economy that has reached $200bn in the world.
Exchange companies are considered an essential pillar of the finance services sector because they play an important role in meeting the local needs for foreign currencies. They also play a role in activating the monetary course during some seasons by receiving and sending transfers among people fast and honestly.
Consequently, exchange companies are considered the main artery for the individuals and companies as a whole regarding money transfer where their transfers outdo banks’ transfers in this question. This is due to lowering the deducted local exchangers’ fees on transfers compared with the commissions imposed by the banks. These companies are regarded strong competitors for the local banks, and it is expected to add activity to the local market and protect them from monopolies.
Al-Adham Company for Exchange has established its philosophy on building a competitive policy for its prices in the Syrian market whether concerning transferring the currencies or commissions of trading in currencies; besides, delivering the incoming transfers on the day of transferring.
Al-Adham Company for Exchange has been able to gain the trust of local banks by buying the local currency from them and helping them in risk management against the fluctuation of prices of local and international currencies.
Dr Samer Mazhar Kantakji is General Manager of Al-Adham Company for Exchange. For more information Tel: +963 11 2325603
