Banking in Iraq
From Wikipedia, the free encyclopedia
Modern-style banking in Iraq roots from the beginning of the 20th century.
Iraq's two main state-owned banks are the largest banks in Iraq and have a shared history. In 1988, Rasheed Bank was spun off from Rafidain Bank.
| Banking group | Established | Number of Branches |
Total Assets (Iraqi Dinar billion) |
Share of total banking system assets |
Share of total banking system credit |
Share of total banking system deposits |
|---|---|---|---|---|---|---|
| Rasheed Bank | 1988 | 162 | ||||
| Rafidain Bank | 1941 | 147 |
Specialist state owned banks
It also has four specialist state-owned banks.
| Bank | Established | Purpose |
|---|---|---|
| Agricultural Cooperative Bank of Iraq | 1935 | Provide credit and banking services to Iraq's agricultural sector |
| Bank of Iraq | 1991 | Founded as the Iraqi Socialist Bank |
| Industrial Bank of Iraq | 1946 | Financing and supporting Iraq’s industrial sector |
| Real Estate Bank of Iraq | 1948 | Financing and supporting Iraq's housing projects |
Private Commercial Banks
Iraq has many private banks that are operate across the Governorates of Iraq. These include:
| Bank | Established | Number of Branches |
|---|---|---|
| Babylon Bank | 1998 | 12 |
| Bank of Baghdad | 1992 | |
| Basrah International Bank for Investment | 1993 | 12 |
| Dar Es Salaam Investment Bank | 1998 | |
| Gulf Commercial Bank | 2000 | 12 |
| Iraqi Islamic Bank | 2000 | 14 |
| Islamic Cooperation Investment Bank | 2006 | 10 |
| Warka Bank | 1999 | 120 |
Supervision and regulation
The Central Bank of Iraq supervises Iraqi banks.