The bank was established as a private joint-stock company on February 11, 1992, as a commercial bank in the private sector. It is one of the first private banks licensed in Iraq, under registration license No. M.Sh/4524 dated February 11, 1992, issued by the Ministry of Trade - Companies Registration Department, with a capital of 150 million dinars. The bank obtained a license to practice banking under the letter from the Central Bank of Iraq / General Directorate of Banking and Credit Control No. 14314/9 dated July 12, 1992.
Following the acquisition of the parent company (Ahli United Bank B.S.C. (Closed)) by Kuwait Finance House K.S.C.P. ("KFH"), a leading Islamic bank globally, the Central Bank of Iraq granted the bank a deadline until December 31, 2024, to convert its assets and liabilities to Sharia-compliant products. Based on the approval of the general assembly and the Companies Registration Department, the bank's name was changed to "Commercial Islamic Bank of Iraq (formerly Commercial Bank of Iraq)" during the year.
The bank's capital has grown since its establishment in 1992 from 150 million Iraqi dinars to 292.500 billion Iraqi dinars in 2024. The most significant development in capital occurred in 2005 when Ahli United Bank B.S.C., based in Bahrain, acquired a 49% stake in the bank for 50 billion Iraqi dinars, paving the way for a strategic partnership between the bank and this leading regional banking group operating across the Arab region and the UK. By the end of 2023, Ahli United Bank's contribution reached 80.3% of the bank's shares.
The bank aims to achieve the following strategic objectives within a normal working environment:
To achieve these strategic objectives, the bank has invested in establishing strong and modern infrastructure, operational, and technological systems, enabling the bank to capitalize on business opportunities and provide the best service to its customers through a conservative work methodology.
