Iraq Private Banks

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 officials who have worked previously at the Central Bank as well as state-owned Rafidain and Rasheed Banks. The following private banks are 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 + Bank of Baghdad Mowafaq H. Mahmood 822-7083 Credit Bank of Iraq Fouad M. Mustafa 360-0494 Dar Es Salaam Investment Bank Anwar H. Haddad 360-4646 Iraqi Middle East Investment Bank Abdul Razzak M. Ali 360-4242 National Bank of Iraq Ghassan Kamal Jamil 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 CPA Economic Policy Directorate, Kevin Woelflein at woelfleink@orha.centcom.mil Iraq Private Banks - November 1, 2003 Under the recently promulgated Iraq Banking Law, private banks may elect to sell a portion of their equity to domestic or foreign investors. The following list of Iraqi Private Banks is presented for information purposes only and interested parties may communicate directly with the financial institution they choose. Bank Contact Telephone 1-914 + Commercial Bank of Iraq Saddoun Kubba 360-4188 Mosul Bank Salih Al Azawi 360-4190 Sumer Bank Khalil Al- Jumaly 822-7079 Gulf Commercial Bank Mudher Mustafa Al-Hillawi 360-4241 Iraqi Middle East Investment Bank Abdul Razzak M. Ali 360-4242 Investment Bank of Iraq Abbas Hadi Al-Bayatti 360-4243 Credit Bank of Iraq Fouad Majeed Mustafa 360-0494 United Investment Bank Kais Al-Suwaidi 360-4245 Al-Warka Investment Bank Saad S. Al-Bunnia 360-4286 Dar Es Salaam Investment Bank Anwar Homid Haddad 360-4646 Basrah Private Bank for Investment Badia Al- Fikry 360-4189 Bank of Baghdad Mowafaq H. Mahmood 822-7083 Al Baraka for Investment & Financing Bank Munther Al- Fettal 360-0457 Babylon Bank Abdul Razzak Mansour Islamic Bank Sami S. Aldamen National Bank of Iraq Ghassan Kamal Jamil 360-2345 Economic Bank Hasam Obead Ali 822-7090