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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

 

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