Banking in Iraq
Banking in Iraq roots from the beginnings of last century.
Iraq's two state-owned banks are the largest banks in Iraq.
| 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 |
[edit] Private Banks
Iraq has many private banks that are operating today in many Governorates in Iraq
[edit] Supervision and regulation
The Central Bank of Iraq supervises Iraqi banks.
[edit] Banking System Reform
In 2007 Bayan Jabor, the Iraqi Minister of Finance signed a contract with British companies B-Plan Information Systems and Misys to rebuild the bank, in a turnkey contract to supply a core banking system, hardware, communications systems and training to Rafidain Staff, across all branches inside and outside Iraq. This project will cover basic retail banking and trade finance but advanced banking functions such as ATM networks, Card Management and internet banking will be considered by the Ministry of Finance in later stages.
