International Islamic Bank

International Islamic Bank (Arabic: المصرف الدولي الإسلامي) is a private joint-stock bank in Iraq that operates according to the Islamic banking system approved by the Central Bank of Iraq. It was established on 19 September 2016 under incorporation certificate No. 01-8117 and began banking, financial, commercial and investment activities in 2016 in accordance with the provisions of Islamic Sharia. The bank adheres to the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) based in the Kingdom of Bahrain. The bank is headquartered in Baghdad, with its general management building located in the middle of Al-Arsat Al-Hindiya Street in the Karrada East area, a major commercial street in the capital that also houses the main branch. It operates a network of five branches spread across Iraqi governorates, including the main branch in Baghdad, an Industry branch in Al-Wahda district on Industry Street opposite the University of Technology, a Karbala branch on Al-Mujammaat Street opposite the tax bridge, a Najaf branch in Al-Ghadir district on the College of Arts Street near the electricity directorate, and a Basra branch in Al-Jazaer district near the Kia company branch and Safari company. The bank offers a range of Sharia-compliant banking services, including Murabaha financing, banking agency services, and retail and corporate banking products. It has launched initiatives such as financing solar energy systems under a Central Bank of Iraq initiative, a "Pay Later" service in cooperation with various companies, and localization (Tawteen) offers for salary domiciliation customers and bank employees. In September 2023, the bank contracted with Al-Wadi Al-Akhdar company to finance the installment sale of solar energy systems to individuals and companies, with monthly installment repayment mechanisms in line with Central Bank directives. The bank is a member of several organizations, including the Arab-German Chamber of Commerce, the Iraqi-British Business Council (IBBC), the Union of Arab Banks, the Association of Iraqi Private Banks, and the Iraqi National Business Council. It also participates in Central Bank of Iraq committees for preparing the unified accounting system guide for Islamic banks, updating Instruction No. 4 of 2010 to facilitate the implementation of Banks Law No. 94 of 2004, and preparing Islamic banking controls. The bank owns several subsidiaries, including Al-Yamama Insurance Company (founded 2012), Al-Ishada Real Estate Company (founded 2019), Al-Ishada Agricultural Company (founded 2019), Al-Ishada Industrial Company (founded 2019), and Al-Tatweer Al-Saree' for Ijara Company (founded 2018). It also participates in the Kabsa project for soybean meal and soybean oil production in Al-Muthanna governorate. The bank's managing director is Engineer Suha Al-Kafai, who has represented the bank at financial inclusion events in Baghdad.

International Islamic Bank was established on 19 September 2016 as a private joint-stock company under incorporation certificate No. 01-8117. It began its banking, financial, commercial and investment activities in 2016 in accordance with the provisions of Islamic Sharia, operating through its main branch in Baghdad and branches across Iraqi governorates. The bank was founded during a period of expansion in Iraq's Islamic banking sector, which operates under the supervision of the Central Bank of Iraq and follows the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) based in Bahrain. From its headquarters in the Karrada East area of Baghdad, the bank has grown to a network of five branches, including the main branch in Baghdad, an Industry branch, and branches in Karbala, Najaf, and Basra. The bank has engaged in various initiatives, such as financing solar energy systems under a Central Bank of Iraq initiative, launching a "Pay Later" service, and offering localization (Tawteen) offers for salary domiciliation customers. In September 2023, it contracted with Al-Wadi Al-Akhdar company to finance the installment sale of solar energy systems. The bank has also expanded through subsidiaries in insurance, real estate, agriculture, and industry. It owns Al-Yamama Insurance Company (founded 2012), Al-Ishada Real Estate Company (founded 2019), Al-Ishada Agricultural Company (founded 2019), Al-Ishada Industrial Company (founded 2019), and Al-Tatweer Al-Saree' for Ijara Company (founded 2018). It participates in the Kabsa project for soybean meal and soybean oil production in Al-Muthanna governorate. The bank is a member of several professional organizations and participates in Central Bank of Iraq committees related to Islamic banking regulations and accounting standards. Its managing director is Engineer Suha Al-Kafai.

• Bank established as a private joint-stock company under incorporation certificate No. 01-8117.

• Bank began banking, financial, commercial and investment activities in accordance with Islamic Sharia.

• Al-Tatweer Al-Saree' for Ijara Company founded as a subsidiary with capital of 6 billion Iraqi dinars.

• Al-Ishada Real Estate Company and Al-Ishada Agricultural Company founded as subsidiaries.

• Al-Ishada Industrial Company founded as a subsidiary.

• Bank contracted with Al-Wadi Al-Akhdar to finance installment sale of solar energy systems.

• Bank participated in the Innovation and Financial Inclusion Forum in Baghdad.

A Sharia-compliant Islamic bank in Iraq, adhering to AAOIFI standards and offering innovative retail and corporate banking products.

• Murabaha financing

  Sharia-compliant cost-plus financing.

• Solar energy system financing

  Financing for solar energy systems under a Central Bank of Iraq initiative.

• Pay Later service

  A buy-now-pay-later service in cooperation with various companies.

• Tawteen offers

  Offers for salary domiciliation customers and bank employees.

1. 1Official website homepageimtb.iq
2. 2Wikidata entrywikidata.org
3. 3Arabic Wikipedia articlear.wikipedia.org