UAE and Bahraini investors to establish Islamic bank in Iraq

03/09/2012

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Investors from the UAE and Bahrain have applied for a licence to establish an Islamic bank in Iraq with a paid up capital of $240 million.

"We have applied to the Central Bank of Iraq and expect the approval to be given within six months," Abdulsalam M. Juwaied, Vice President of the Iraqi Islamic Bank for Investment and Development, told Zawya. 

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Iraq entering the age of islamic banks

15/07/2011

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Iraq has approved the construction of a government Islamic bank with capital reaching 250 billion dinars (about $214 million). The new bank will be under the supervision of the Central Bank of Iraq and will be administratively linked to the Finance Ministry. An Iraqi official confirmed that the Islamic bank will work to attract significant capital and will contribute to the process of integrating governmental and private banks. The Iraqi government also decided to allow the operation of Windows in governmental banks.
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