Iraq Private Banks</title </head> <body background="../images/page.gif" tppabs="http://www.cpa-iraq.org/images/page.gif" text="#000000" LINK= "#003366" VLINK="#

Iraqi Private Banks Authorized to Conduct International Payments, Remittances and Letters of Credit Following the first Gulf War in 1991, Saddam Hussein authorized for the first time the formation of private banks in Iraq. From 1992 until the end of the decade, 17 such banks were established. Up until the second Gulf War, however, these banks were prohibited by Saddam from conducting international transactions – including payments, remittances, and letters of credit. Now, as Iraq develops a market-driven banking system, these restrictions are being reduced and the importance of Iraq’s private banks is expected to grow significantly. An important step was taken on October 28, 2003, when the Central Bank of Iraq authorized Iraq’s private banks to process international payments, remittances and foreign currency letters of credit. This action follows other important steps taken recently to modernize Iraq’s banking system – the establishment of a new national currency, for instance, and the launching of daily foreign exchange auctions by the Central Bank. Many of Iraq’s Private Banks are led by highly qualified and experienced bankers who have worked previously at the Central Bank of Iraq as well as at state-owned Rafidain and Rasheed Banks. The following Private Banks have contracted with various international banks to arrange lines of credit which make them fully prepared to process international payments, remittances and letters of credit. Points of contact at each bank are listed below. Interested parties may contact these banks directly. Bank Contact Telephone 1-914 + Al-Warka Investment Bank Sabri Shammas warkabank@hotmail.com 360-4286 Babylon Bank Abdul Razzak Mansour Saliman Bank of Baghdad Mowafaq H. Mahmood bankdad@uruklink.net 822-7083 Commercial Bank of Iraq Saddoun Kubba commerce@uruklink.net 360-4188 Credit Bank of Iraq Details in: English Fouad M. Mustafa creditbkiq@yahoo.com 360-0494 Dar Es Salaam Investment Bank Details in: English | Arabic Asad al-Khudhairy asadalkhudhairy@yahoo.com 360-4646 Gulf Commercial Bank Mudher Mustafa Al-Hillawi Gulfbank1@yahoo.com 360-4241 Investment Bank of Iraq Abbas Hadi Al-Bayaty investmentiraq@yahoo.com 360-4243 Iraqi Middle East Investment Bank Abdul Razzak M. Ali 360-4242 National Bank of Iraq Ghassan Kamal Jamil nationalbank_iraq@yahoo.com 360-2345 Iraq’s other Private Banks are also currently preparing themselves to provide these services to clients within Iraq and abroad. For additional information, contact Kevin G. Woelflein at kevin.woelflein@central.iraq.centcom.mil IRAQ PRIVATE BANKS April 27, 2004 Under the promulgated Iraq Banking Law and the Central Bank of Iraq Law Private Banks may elect to sell a portion or all of their equity to domestic or foreign investors, once having received the approval of the Central Bank of Iraq which has the exclusive right to grant banking licenses and regulate all banks in Federal Iraq. The following list of Iraqi Private Banks is presented for information purposes only and interested parties may communicate directly with the financial institutions they choose. Bank Contact Tel: 1-914 Al Baraka for Investment Monther Al-Fettal 360-0457 & Financing Bank m_alfettal@yahoo.com albaraka@uruklink.net bifbank@uruklink.net Al-Warka Investment Bank Sabri Shammas 360-2346 warkabank@hotmail.com Babylon Bank Abdul Razzak Mansour Saliman Bank of Baghdad Mowafaq Hassan Mahmood 822-7083 bankdad@uruklink.net Basrah Private Bank for Badia Al- Fikry 360-4189 Investment Commercial Bank of Iraq Saddoun Kubba 360-4188 commerce@uruklink.net Credit Bank of Iraq Fouad Majeed Mustafa 360-0494 Details in: English creditbkiq@yahoo.com Dar Es Salaam Investment Bank Asad Al-Khudhairy 360-4646 Details in: English/Arabic asadalkhudhairy@yahoo.com Economic Bank Hasam Obead Ali 822-7090 Gulf Commercial Bank Mudher Mustafa Al-Hillawi 360-4241 Gulfbank1@yahoo.com Industrial Union Investment Bank A.J.A. Al-Rubaie (O) 717 - 8434 Investment Bank of Iraq Abbas Hadi Al-Bayaty 360-4243 investmentiraq@yahoo.com Iraqi Middle East Abdul Razzak M. Ali 360-4242 Investment Bank Islamic Bank Sami S. Aldamen Mosul Bank Salih Al-Azawi 360-4190 National Bank of Iraq Ghassan Kamal Jamil 360-2345 nationalbank_iraq@yahoo.com North Bank A. Aziz Hassoon 360-0492 northbkiq@yahoo.com Sumer Bank Khalil Al-Jumaly 360-4240 United Investment Bank Kais Al-Suwaidi 360-4245 International Banks Licensed to Start Operations in 2004 HSBC Tareq Muhmood tareqmuhmood@hsbc.com Standard Chartered Stuart Horsewood Stuart.Horsewood@ae.standardchartered.com National Bank of Kuwait Robert Eid robert.eid@nbki.com Representative Bank Offices The First National Bank Ramy Rifat Al- Nimer Beirut Direct of Lebannon 961 (1) 738 500 Housing Bank for Trade Ibrahim A-Faham Mobile 0790 132 8647 & Finance Jordan National Bank Tarik S. Al-Timimy Mobile 0790 136 4874 For additional information, contact Kevin G. Woelflein at kevin.woelflein@central.iraq.centcom.mil