"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.
Foreign Islamic banks have been eying Iraq’s potential since the Government seemed bent on nurturing a Shari’ah-compliant industry. However, regulatory rules have so far thwarted plans for Islamic finance in Iraq. There are currently eight Islamic banks, however regulatory rules need to change to address taxation concerns and to bridge the gap in regulation between conventional and Islamic banking.
source: CPI Financial