Banking in Iraq

Modern-style banking in Iraq roots from the beginning of the 20th century.

Iraq's two main state-owned banks are the largest banks in Iraq and have a shared history. In 1988, Rasheed Bank was spun off from Rafidain Bank.

Banking group Established Number of
Branches 		Total Assets
(Iraqi Dinar billion) 		Share of
total
banking system
assets 		Share of
total
banking system
credit 		Share of
total
banking system
deposits
Rasheed Bank 1988 162
Rafidain Bank 1941 147

Specialist state owned banks

It also has four specialist state-owned banks.

Bank Established Purpose
Agricultural Cooperative Bank of Iraq 1935 Provide credit and banking services to Iraq's agricultural sector
Bank of Iraq 1991 Founded as the Iraqi Socialist Bank
Industrial Bank of Iraq 1946 Financing and supporting Iraq’s industrial sector
Real Estate Bank of Iraq 1948 Financing and supporting Iraq's housing projects

Private Commercial Banks

Iraq has many private banks that are operate across the Governorates of Iraq. These include:

Bank Established Number of
Branches
Babylon Bank 1998 12
Bank of Baghdad 1992
Basrah International Bank for Investment 1993 12
Dar Es Salaam Investment Bank 1998
Gulf Commercial Bank 2000 12
Iraqi Islamic Bank 2000 14
Islamic Cooperation Investment Bank 2006 10
Warka Bank 1999 120

Supervision and regulation

The Central Bank of Iraq supervises Iraqi banks.

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