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Good Banks and finance services in Iraq.

Iraq Banks & Financial Systems

 Below is a list of Iraqi Banks in Baghdad and outlying provinces. As in Dec. 2013, there are 64 banks in Iraq. There are several types of Iraqi banks:

1. State Bank or Federal Banks, This is run by the Central Iraqi Government –and 7 branches or banks
2. Private Banks, this is run by private Iraqi citizens(23 banks).
3. Foreign Banks, this bank is run by various foreign entities, (currently Lebanese, Turkish & Iranian) – 16 banks
4. Islamic Banks (Private), and adhere to financial Sharia law practices – 9 banks

The Central Bank of Iraq must answers to the Council of Ministers of Iraq. The Iraq Constitution states that the Federal government of Iraq has complete authority to establish and operate the central bank.

  • Iraq’s currency is the Iraqi Dinar (IQD). In 2014 it has an average conversion rate of $1160 US to 1 IQD.
  • The two biggest banks in Iraq which is Trade Bank (Public) and North Bank (Private).
  • There are 7 state-run banks, 23 private banks, 11 Islamic banks and 11 foreign banks run in Iraq. The Central Bank of Iraq confirmed as Iraq’s independent central bank by the Central Bank of Iraq Law. Supervises the banking sector, maintains the price stability, implements monetary policy and manages the currency and issues licenses.
  • The banking sector and banking infrastructure in Iraq and Kurdistan offer unprecedented investment opportunities. “Basic modern banking practices – like electronic funds transfers for payroll or other banking needs – are almost non-existent and credit facilities are hard to come by.

Rafidain Bank is the biggest bank in Iraq and Rasheed Bank is the third-largest. And depositors believe Rafidain Bank and Rasheed Bank carry an implicit Government guarantee. The advantages of the banks are to some extent balanced by non-remunerated treasury functions on behalf of the Government.

List of Banks

  1. Agricultural Cooperation Bank – State Bank
    Al-Sinak, facing Al-Atesalat
    Tel: +964 1 8189081
    Tel: +964 1 8189084

2. Iraq Bank – State Bank
14 Ramadan Street, facing Mosque Saadia
Al-Aumare – Baghdad/Al-Mansour
Tel: +19143604287

3. Rafidain Bank Baghdad  – State Bank
Al-Rashid Street
Tel: +964 1 8160068
Tel: +964 1 8160166

4. Rasheed Bank Baghdad – State Bank
Al-Rasheed Street
Tel: +964 1 8853411
Tel: +964 1 8845287
Fax:+964 1 8826201

5. Real Estate Bank Baghdad/Karada – State Bank
Trade Bank of Iraq Baghdad – State Bank
608 Al-Yarmouk District
Street 1/Building 20
Tel: +964 1 5433561/2/3
Fax: +964 1 5433560

Financial Companies

1. Al-Nibal AlArabya for Money Transfer Baghdad
Neighborhood of Babylon
Arsat indian
Replaced-929
Alley-25
House-16 /Building 65

2. Mouta Company for Remittances Baghdad
Wathiq Square
Opposite Restaurant Crispy

3. United Company for Financial Baghdad
14 Ramadan Street
Building-43

Source: www.irfad.org

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