As you may know, the Commercial Bank of Iraq is in the process of transforming from a conventional bank to an Islamic bank. Below you will find a list of the most frequently asked questions and answers related to the transformation. We hope that these answers include sufficient information to answer all your inquiries, as our bank is keen to continue the path of joint cooperation between us. :
The transformation and its impact on accounts and credit facilities in general :
1- What is meant by the bank transformation process?
We are in the process of transforming from a conventional bank to an Islamic bank licensed by the Central Bank of Iraq. Accordingly, the banking products and services available to you by the bank will be converted into products and services that are compatible with the provisions of Islamic Sharia. .
2- What are the effects of the transformation on me?
We confirm that the main commercial terms that you have agreed upon with our bank will not undergo any material changes. In addition, any amount due for the existing loan and the amounts due for repayment and the related timetables and guarantees or any other amounts due for payment as interest or other fees will not change. The change will affect the nature of the banking products currently available to you to banking products and financing that are compatible with the provisions of Islamic Sharia in stages.
3- Will there be any fundamental changes due to the transformation of traditional products and services into products that are compatible with the provisions of Islamic Sharia?
As a beneficiary of our banking services, you will not see any fundamental changes to the working mechanism of any of the current banking services (such as loans, deposits, accounts, etc.) as a result of the transformation. Alternative services will be provided on terms and conditions that are compatible with the provisions of Islamic Sharia and in a manner that ensures the same effectiveness as the current banking products and services.
4- How do I get a copy of the Islamic contract models?
Islamic contract forms can be obtained by visiting our bank branches.
5- Are there price differences between Islamic products?
Commercial terms relating to pricing, fees and other charges will not be changed.
6- Are there any changes to my obligations under the Islamic facilities?
The conversion will not result in any change to your obligations under any of the facilities products, including any amount due on the existing loan, any amounts due for repayment thereof, the timetables related thereto, guarantees or any amounts due for payment as interest and other fees?
7- Will the number change? My IBAN or code SWIFT or any account identification details?
No, the account number will remain in the format IBAN and code SWIFT and all other account details remain as they are without change.
8- What will happen to my checks, debit cards and other banking instruments?
Your existing checks, debit and credit cards and other banking instruments will remain valid and unchanged.
9- Will my account balances or banking services be affected?
No. There will be no changes to your account balances or banking services. All services will be available as they are and with the same quality of performance to ensure continued access to your accounts without interruption through branches, ATMs, the website, mobile phones and all other available channels.
10- Are there any changes regarding how my personal data is processed?
No. The scope or purposes of processing your personal data will not change as a result of the transition. We will continue to process your personal data safely and in the same manner as before in accordance with the Privacy Policy and applicable laws.
Acknowledgement and consent :
1- I received an SMS/email notifying me of the approval of the transfer. Is there any action required from me?
Yes, please follow the instructions in the notice within the specified time period in order to agree to the conversion and the Islamic conditions applicable to your relationship with the bank. .
We assure you that we are striving to simplify the process of approving the transfer. Accordingly, you can provide your consent to transfer your products with us without interruption in the services available to you, through the following method: :
Visit one of the branches dedicated to transformation :
1. Main Branch
2. Al-Khalani branch
3. Iraq Gate Branch
4. Cairo Mall Branch
5. Al Mansour Branch
6. Al-Kadhimiya branch
7. Al-A'dhamiyah Branch
8. Basra Branch
9. Times Square Branch (Basra)
10. Najaf Branch
2- What will happen after I submit my consent to the transfer?
You will be able to continue your banking relationship with us on the same current commercial terms and in a Sharia-compliant format.
3- I would like to know more about products that comply with Islamic Sharia. Where can I find them?
You can learn more about products and services that comply with the provisions of Islamic Sharia by visiting one of our branches or our website.
4- Is approval of the transformation mandatory?
No, approval of the transfer is not mandatory. If you do not wish to approve the transfer, please register your disapproval by visiting one of the branches designated for the aforementioned transfer, where our employees will guide you to complete the necessary procedures.
5- What happens if I do not take any action to submit my approval for the transfer or my disapproval within the time frame?
Credit facilities :
To transfer your banking facilities, we will send you an initial notification via SMS and by visiting one of our branches. Accordingly, we will provide you with opportunities to either submit your approval of the transfer or not. If we do not receive your approval of the transfer or not within the time period specified in the aforementioned notifications, this will be considered an implicit approval of the transfer and the terms and conditions of the products and services that are compatible with the provisions of Islamic Sharia. .
Accounts and Deposits :
To transfer your accounts, we will send you a single notification that includes giving you a period of 30 days from the date of this notification to respond with a refusal to transfer via SMS and the necessity of visiting one of our branches. To register your refusal to transfer, please visit any of our designated branches to register your refusal. Dear customers who have not expressed their refusal to transfer explicitly after the expiration of the thirty (30) day period will be considered among the customers who have agreed to transfer their accounts.
6- I am a corporate banking customer. Will the transition affect my ability to benefit from credit facilities or trade finance facilities in the future?
No, the conversion will not affect your ability to continue to benefit from the credit facilities available to you or trade finance facilities in the future, as the bank will continue to provide Islamic banking solutions designed according to your needs, and you can inquire about these options based on your requirements. The bank will provide support and guidance throughout the conversion process. The managers of the departments dedicated to customer service will follow up and answer any questions or assist in transferring accounts and provide information about Islamic banking products and related terms and conditions in order to ensure the continuity of your banking relationship without interruption. .
Next steps :
What are the next steps I need to take as a customer to switch to an Islamic bank?
The following steps we ask you to follow as a customer are: :-
1- Review the information available to you: Please read and understand the correspondence from the bank regarding the conversion carefully. This correspondence will specify the time periods or any actions you are required to take. Please also familiarize yourself with the new terms and conditions for Islamic banking products and services through the means available from the bank. .
2- Submitting consent: Please follow the specific instructions to submit your consent as previously explained. If we do not receive your response within the time period specified in our notifications, this will be considered as your implicit consent to the conversion and your dealings with the bank will continue on the basis of principles compatible with the provisions of Islamic Sharia. .
3- Request additional information: If you have any questions about the conversion process or Islamic banking products and services, please contact us through the following channels: -:
e-mail ( CB.Iraq@cibiq.com.iq ).
Visit any of our branches dedicated to the above mentioned transformation. .
Contact 07833955500
4- Monitoring notifications issued by the bank :
Please follow all notifications or updates issued by the bank. We will continue to announce additional instructions and information that may be relevant to your accounts or services during the transition process. Our communication channels have been designed to ensure that you are always informed of developments and provide simplified solutions to ensure smooth and uninterrupted banking service at all times. .
We assure you that the bank is keen to continue providing distinguished service to customers at the same level of customer service that we currently provide to you, if not better, and we guarantee the transformation of your banking products and services and the smooth completion of this in a manner that rises to your expectations. .
Best regards,
Commercial Islamic Bank of Iraq Team
