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Dinar Iraq News

Nasiriyah: Opening of the first Islamic bank authorized by the CBI

Wed, 2 May 2012 time: 10:12

Elaph Islamic Bank opened a new branch in the city of Nasiriyah, to be the first Islamic bank approved by the Central Bank of Iraq, which offers its services to the children of the province of Dhi Qar.

The technical aide to the President of the Board of Dhi Qar, Al-Hussein Abdul-Hadi favorite Nasiriyah News Network, that the bank is one of the most important banks in the whole of Iraq, where many are active in the fields of trade and economic development.

He explained that the management of the bank pledged to cooperate fully with the local government and provide important studies for projects implemented in the province, according to the laws of the Ministries of Finance and Planning.

For his part, Abbas Qasim managing director of the Bank, the Bank of Elaph Islamic Bank was established in 2001 on behalf of the Bank of the pond, was then changed its name to Bank of Elaph Muslim in 2007 after being granted leave of Islamic banking from the Central Bank of Iraq to the submission of Islamic transactions that comply with instructions to the Islamic Shari’a .

He pointed out that Islamic banking provided by the bank are quite distinct from commercial banking and investment carried out by other banks where Islamic banking can offer participation and Murabaha, leasing and lending for projects and for the people and customers in accordance with Islamic law.

He pointed out that the bank began with a capital of one billion dinars until it reached today to one hundred billion, and numerous branches of up to 16 operating branches across Iraq, likely to be the opening of six other branches to cover all governorates of Iraq.

He explained that the bank has a sophisticated computer system allows a bank to the bank and the central monitoring and control for all its accounts, as he can manage all its operations and its accounts through computers away from paper-based system, as well as he offers his services system ATM Card, Visa and Master Card.


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