About Us
Introduction
The Islamic Consultant Bank was established as a private joint-stock company registered with the Ministry of Commerce - Companies Registration Department according to the incorporation certificate numbered M. Sh / 1/ 88977 on 2017/11/26, in accordance with the Companies Law No. 21 of 1997 as amended, and with the approval of the Central Bank of Iraq by its letter numbered 8327 on 9/4/2018, and under the Islamic Banking Law No. 43 of 2015 with a capital of (250,000,000,000) Iraqi dinars monitored through contributions from a select group of founders and an initial public offering process.
The bank provides banking services that comply with Islamic Sharia law, relying on a clear vision to be the optimal choice for customers, through a comprehensive and distinguished package of banking services.
Credit Rating
Capital Intelligence Ratings announced that it has granted the long-term foreign currency credit rating LT FCR and the short-term foreign currency credit rating ST FCR to the Islamic Consultant Bank for Investment and Finance -B and B, respectively.
The International Islamic Rating Agency – Manama / Kingdom of Bahrain, assigned local and foreign currency ratings to the Islamic Consultant Bank for Investment and Finance (B/B) alike on the global scale with a stable outlook, and on the local scale, the agency assigned the ratings (BBB IQ, A3 IQ) with a stable outlook.
The Islamic Consultant Bank is the first Iraqi bank to obtain the international financial quality certificate.
The Islamic Consultant Bank obtained the MSI 20000 financial quality certificate, becoming the first Iraqi bank to receive this certificate, which is a global standard specialized in the financial quality of companies. The certificate was recommended for issuance by the granting authority COFICERT with technical support from Talal Abu-Ghazaleh Consulting, one of the Talal Abu-Ghazaleh Global companies. The bank received the certificate after undergoing a comprehensive performance evaluation over the past three years, resulting from analyzing financial data and comparing it with global performance indicators. The bank's commitment to this challenge despite the repercussions of the COVID-19 pandemic demonstrates its financial resilience and success in crisis management, adhering to best global practices and ensuring financial governance, disclosure, and transparency at all times.
Our Goal
From the beginning, our goal was not to compete with existing Islamic banks for the current share of Islamic banking services in Iraq, which is only a small percentage, but to expand this share to meet the growing demand for this type of banking. This is achieved not by replicating existing products but by introducing new products and services that have made significant strides in global markets, but are still missing in the Iraqi market.
Our Vision
From the beginning, we committed to a clear vision, focused on offering new products and services that were not previously available in the Iraqi market.
Our Mission
Working to consolidate the values of the Islamic approach through good dealings in accordance with Islamic Sharia to reflect positively on the society.
Sharia Board
It examines the bank's compliance with Sharia in all its activities, including examining contracts, agreements, policies, products for transactions, incorporation contracts, articles of association, financial statements, and reports, especially the internal audit report and inspection reports conducted by the Central Bank of Iraq.
Sharia Board Members
Dr. Hana Muhammad Hussein Ahmed - Chairman of the Sharia Board
Mr. Kazem Joudah Alwan - Sharia Board Member
Dr. Sanaa Al-Loui Abdulsada - Sharia Board Member
Our Core Values
Customer satisfaction.
Commitment to integrity and objectivity and our employees' ability to make sound decisions.
Rewarding outstanding performance.
Working as a team.
Belief in corporate governance.
Deposit Guarantee
The Islamic Consultant Bank contributed to the establishment of the Iraqi Deposit Insurance Company with an amount of 800 million shares out of the total capital of the company amounting to (100 billion Iraqi dinars).
The bank is also committed to the company's law by contracting with it to protect depositors' funds, especially small ones.