Brief Overview of the Establishment of Al-Nahrain Islamic Bank

Al-Nahrain Islamic Bank was established as the first government-owned Islamic bank under Law No. (95) of 2012, based on the provisions of Article (4) of the Iraqi Central Bank Law No. (56) of 2004 and Article (4) of the Banking Law No. (94) of 2004.

The bank was granted its final operating license by the Central Bank of Iraq under reference No. 9/3/12316 dated 17/08/2015, authorizing it to operate as a state-owned bank, including the approval to merge the Islamic windows of Rafidain Bank and Rasheed Bank into Al-Nahrain Islamic Bank.

It was registered as a public company in accordance with the Companies Law No. (22) of 1997 (as amended) on 18/07/2016, with a capital of 150 billion Iraqi dinars, and was published in the Iraqi Gazette (Issue No. 4260) on 17/12/2012.

The bank currently operates five branches located in Baghdad, Najaf Al-Ashraf, Basra, and Anbar, providing Sharia-compliant financial services that attract clients interested in Islamic banking. Being a state-backed Islamic bank, it enjoys stability and customer trust, facilitating accessibility through its branch network across key regions.

Al-Nahrain Islamic Bank also seeks to develop its infrastructure and adopt modern information technology solutions to enhance the management of banking operations.

Key Features of the Bank:

1. Compliance with Islamic Sharia principles.

2. Government support.

3. Geographic coverage and branch distribution.

4. Commitment to modernization and development.

Our Mission:

To spread the principles of the Islamic economy everywhere through Islamic banking rooted in noble values. The Islamic economy is a global economic model capable of leading the world economy without reliance on usurious interest rates. The bank strives to establish and implement an efficient and fair financial policy based on efficiency, transparency, quality, excellence, and integrity.

Islamic investment, including Islamic banking, represents the optimal solution for revitalizing the national economy and implementing infrastructure projects through Islamic financing mechanisms that promote sustainable development.

Our Goals:

To make our services accessible to every Iraqi citizen and to integrate idle personal funds with the bank’s resources in our investment and financing projects through various Islamic banking instruments, including Murabaha, Musharaka, Istisna’a, Salam, Muzara’a, and Ijara (leasing finance), among others.

Additionally, the bank aims to organize continuous workshops across various fields to enhance awareness and professional capacity in Islamic finance.

Our Website: https://www.nib.com.iq/