Bank Profile 

Bank's Profile

International Development Bank for Investment and Finance “IDB Iraq”, was established in April 2011 as a joint-stock company (authorized by Central Bank of Iraq as a Islamic Bank) with a paid up capital of 100 billion Iraqi dinars (around USD 85 million) and subsequently increased further to 160 billion Iraqi dinars (around USD 136 million) before end of June 2012. Subsequently the paid-up capital was increased to IQD 250 billion (US$ 215 million) to meet the Central Bank Regulations whereby IDB Iraq license was converted into a conventional bank.

The Bank operates in all major cities of Iraq with 11 branches, and another 6 branches are under development that are expected to start operations before the year end 2016. Also being the only private bank with the "largest ATM network" in Iraq with the state of art Wincor ATM machines. Another milestone achieved was when IDB Iraq became "principal member" of "MasterCard" & "Visa Card "in Iraq for acquiring and issuing cards. Also the Bank has recently established its Rep Office in Beirut and is in the process of obtaining the license for two overseas branches in Dubai & Athens. The Bank's corporate image and marketing strategy has also been revised in co-operation with a leading marketing and advertising agency. The unveiling of the new corporate identity will be during this year following the completion of our remodeled branches and staff training. IDB Iraq has been recently placed in the top most banks by the Central Bank of Iraq and Ernst & Young by achieving a 2.2 CAMELS rating.

The Bank's CAR ratio stood at 72% in 2014 and 66% in 2015 reflecting high solvency and therefore high protection for the Bank's depositors promoting stability and efficiency of the Bank's financial system. IDB has strong client base and owned by a very prominent Iraqi shareholders "Al Hashimi Group" who are the authorized business partners for Porsche, Audi, Volkswagen and Mercedes-Benz across Iraq. Mr. Ziad Khalaf Abed Kareem (shareholder at the Bank since inception) was appointed as the new Chairman of the Board of IDB Iraq to lead the reactivation of Iraqi banking operations. On the Compliance Department side, the Bank adopted International standards on safeguarding the Money Laundering and Combating of Terrorist Financing by implementing AML platforms which have improved its abilities to detect and prevent any abnormal movements of funds and any money laundering attempts.

On the Risk Management side, we have revised our internal policies and procedures and have adopted an internal credit risk grading system, enabling us to identify any deterioration in credit risk and applying the correct measures at the right time. IDB Iraq is part of the conglomerate, where other sister concerns as , Arab Information Technology, Al Sharaq Insurance, Doma Steel, Iraqi Automotive Trading Company and Astamnia Trading. We consider our main responsibility as nurturing the small, and medium, enterprise sector while providing our fullest support towards the large scale institutions, as well as the public sector organizations. These activities have in no small measure contributed to the nation’s betterment. In tandem, we too are growing, evolving and diversifying to partner a new era through a unique business model. It’s that development focus which adds spice to our wide menu of universal banking products and services.

 


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