Iraqi Islamic Bank

Iraqi Islamic Bank for Investment & Development, commonly known as Iraqi Islamic Bank or IIB, is an Iraqi commercial bank headquartered in Baghdad. The institution was initially approved by the Central Bank of Iraq on 19 December 1992 and opened to the public on 23 February 1993. It is described as Iraq’s first Islamic bank, giving it a distinctive place in the development of the country’s Sharia-compliant banking sector. The bank operates according to Islamic banking rules and principles, positioning its services around financing and investment structures intended to comply with Noble Shariah principles rather than conventional interest-based banking. Its stated role extends beyond deposit-taking and routine commercial banking: the bank presents itself as a contributor to economic and social development, including efforts associated with poverty reduction and the broader development of Iraqi society. IIB serves both public- and private-sector customers. Its business activities include trade finance, corporate finance, and project finance. The bank also maintains a Corporate Finance Advisory Division and a Strategic Business Unit that work with corporate clients across different market segments. These functions are intended to provide tailored funding and financial solutions for companies with differing capital and project requirements. The bank’s corporate activity includes relationships with businesses connected to the oil industry in Basra. According to the available reference material, a significant portion of its corporate clients are involved in the global oil business there, including companies operating as subcontractors for internationally established oil companies. This gives the bank exposure to one of Iraq’s most important commercial and industrial sectors. IIB also has a payments and correspondent-banking dimension. It is identified as the only commercial bank approved as a principal agent for Mastercard in Iraq in the available material. The bank further maintains a network of regional and international correspondent relationships, including Fransabank, Alubaf Bahrain, UBAF Paris, Credit Libanais, UBAE Italy, and Lebanon & Gulf Bank. These relationships support cross-border banking, trade-related transactions, and international connectivity. The bank has 14 branches throughout Iraq, giving it a national physical presence while retaining Baghdad as its headquarters. Publicly available material does not establish a current chief executive, ownership structure, listing status, financial performance, or detailed chronology of later product launches and strategic decisions. Accordingly, those elements remain unspecified in this dossier.

Iraqi Islamic Bank was established during the early development of modern Islamic banking in Iraq. The Central Bank of Iraq approved the institution on 19 December 1992, and it began serving the public on 23 February 1993. This sequence makes the bank an early and significant entrant in Iraq’s Sharia-compliant financial sector; the reference material identifies it as the first Islamic bank established in the country. From its inception, the bank’s identity has been tied to banking conducted in accordance with Islamic legal and ethical principles. Rather than presenting itself solely as a conventional lender with a specialized product line, IIB frames its activity around Noble Shariah rules and principles and links banking activity to wider social and economic development. Its stated contribution includes support for the organic development of Iraqi society and participation in efforts to address poverty. The institution developed as a commercial bank serving more than one customer category. Its activities encompass public- and private-sector trade finance, corporate finance, and project finance. This focus has enabled the bank to present itself as a financing partner for businesses and institutions requiring working capital, trade-related support, or funding for larger projects. The available material also identifies a Corporate Finance Advisory Division and a Strategic Business Unit. These units advise corporate customers and seek to match financing solutions to the requirements of different market segments. A notable part of the bank’s corporate orientation is its relationship with companies active in Iraq’s oil economy. The reference material states that many of its corporate clients are involved in the global oil business in Basra, including subcontractors working for internationally recognized oil companies. This suggests a role in supporting commercial activity around one of Iraq’s principal economic centers, although detailed information about individual clients, transaction volumes, and financing structures is not publicly established in the supplied sources. The bank also expanded its role beyond bilateral financing through payment and correspondent relationships. It is described as the only commercial bank approved as Mastercard’s principal agent in Iraq. The bank’s cited correspondent network includes Fransabank, Alubaf Bahrain, UBAF Paris, Credit Libanais, UBAE Italy, and Lebanon & Gulf Bank. Such links are relevant to international settlements, trade transactions, and access to regional banking channels. Its branch network extends across Iraq, with 14 branches reported in the reference material and headquarters in Baghdad. The available Wikipedia and reference text does not provide a detailed account of branch-opening dates, changes in ownership, executive appointments, capital structure, financial results, or later corporate milestones. It also does not document specific advertising campaigns, scandals, lawsuits, acquisitions, or product-generation changes. The bank’s documented historical profile therefore centers on its 1992 approval, 1993 public opening, Islamic banking mandate, commercial and project-finance activities, corporate advisory capabilities, oil-sector relationships, Mastercard agency role, correspondent network, and national branch presence.

• 1993

  Opening to the public

  [1]Iraqi Islamic Banken.wikipedia.org

  Iraqi Islamic Bank opened its doors to the public on 23 February 1993, becoming the first Islamic bank established in Iraq according to the available reference material.

• 1992

  Approval by the Central Bank of Iraq

  [1]Iraqi Islamic Banken.wikipedia.org

  The Central Bank of Iraq approved the establishment of Iraqi Islamic Bank on 19 December 1992.

• Development of corporate and project-finance services

  [1]Iraqi Islamic Banken.wikipedia.org

  The bank developed a commercial offering covering trade finance, corporate finance, project finance, and corporate finance advisory for public- and private-sector customers.

• Expansion of payments and correspondent relationships

  [1]Iraqi Islamic Banken.wikipedia.org

  The bank became identified in the available material as a Mastercard principal agent in Iraq and built correspondent relationships with regional and international financial institutions.

A pioneering Iraqi Sharia-compliant commercial bank focused on corporate and project financing, trade support, advisory services, and payment connectivity for public- and private-sector customers.

• Commercial banking

  Trade finance

  IIB provides trade-finance support for commercial customers in the public and private sectors. The available material does not specify individual instruments or contract structures, but places trade finance among the bank’s core business activities and links it to the needs of corporate clients operating in Iraq and in internationally connected sectors.

• Commercial banking

  Corporate finance

  Corporate finance is a central part of the bank’s business scope. IIB works with corporate customers across multiple market segments and provides financing solutions intended to reflect their funding requirements. The supplied sources do not detail specific facilities, pricing, or eligibility rules.

• Commercial banking

  Project finance

  The bank offers project-finance services alongside trade and corporate finance. These services are directed at funding projects and development activity under the bank’s Islamic banking framework. No specific projects or financing volumes are identified in the supplied reference material.

• Financial advisory

  Corporate finance advisory

  IIB maintains a Corporate Finance Advisory Division and a Strategic Business Unit. These functions advise corporate clients and engage with different market segments, with the stated purpose of developing solutions tailored to customers’ funding needs.

• Payments

  Mastercard agency services

  The available reference identifies IIB as the only commercial bank approved as Mastercard’s principal agent in Iraq. The supplied material does not provide further information about the card portfolio, issuing arrangements, acquiring services, or the date of the appointment.

1. 1Iraqi Islamic Banken.wikipedia.org
2. 2Iraqi Islamic Bank official websiteiraqiislamicb.iq