Iraq’s new state-owned Islamic bank
CPI Financial - [4/10/2012]
The Iraqi Cabinet has approved the establishment of the country’s first state-owned Islamic bank, according to Mudher Saleh, deputy governor of the Central Bank of Iraq.
Saleh also told Bloomberg that two of the country's state-owned banks, Rafidain Bank and Rasheed Bank, opened Islamic banking units earlier this year. Dr. Ali al-Dabbagh, Official Spokesman for the Government of Iraq confirmed that the Two Rivers Islamic Bank will start with capital of IQD 25 billion ($21.5 million).
Islamic banks currently operating in Iraq include: Iraqi Islamic Bank for Investment & Development; Elaf Islamic Bank (formerly: Barakaat Bank for Investment & Funding); Kurdistan International Bank for Investment & Development; National Islamic Bank; Dijlah & Furat Bank for Development & Investment; Regional Cooperation of the Islamic Bank for Development & Investment; Bank Al-Bilad Islamic for Investment & Finance; Cihan Bank for Islamic Investment & Finance; International Development Bank for Investment & Islamic Finance; Abu Dhabi Islamic Bank; and Al-Baraka Turkatilim Bankasi.
Apart from these Islamic banks, according to the central bank’s website, there are seven state-owned banks, 23 private banks and eight foreign lenders operating in Iraq.