The Commercial Islamic Bank of Iraq has developed financial solutions that are compatible with the needs of companies in all their activities and in the various services they provide to their customers, as these companies differ in their needs for banking services.


Financial Services for Companies:

Banking facilities are the framework in which the bank provides financial services to its corporate customers. Banking facilities are considered one of the most effective means that companies need to achieve their goals. These services include:-

1- Banking Services

A- Transfers are divided into two sections:-

  • Internal transfers consisting of (outgoing transfers and incoming transfers) are transferred to and from our customers' accounts inside Iraq using the (RTGS or CT) system and in the Iraqi dinar or dollar currencies.
  • External transfers consisting of (Outgoing and incoming transfers) Transfers are made to and from our clients' accounts outside Iraq in dollars and euros.

To obtain this service:-

  • Fill out the transfer form.
  • Company stamp.
  • Tax accounting.
  • Invoices.
  • If the transfer amount exceeds (10,000) dollars or (13,200,000) dinars, the client must fill out the Know Your Customer (KYC) form.

B- Bills of exchange

Issuing bills of exchange checks for our clients and others, where the amount of the check is reserved for the order of the beneficiary (private and governmental).

Get the service Requires:-

  • Filling out the application form for issuing a bill of exchange by the company's authorized manager
  • Company stamp
  • Four documents + passport (for non-customers)

2- Commercial Services

A- Letters of Guarantee

It is a type of contractual credit issued by order of our bank's customer to the beneficiary (for internal and external governmental and civil entities).

To obtain this service requires:-

  • A written request must be filled out (the authorized manager of the company)
  • Fill out the letter of guarantee request form
  • A contract to issue a letter of guarantee.

B- Documentary Credits

It is a written contract issued by the sending bank called (the source) based on the request of the buyer (the applicant or the order or the importer) for the benefit of the seller (the beneficiary) through the receiving bank (the amount).

To obtain This service requires:-

  • Filling out the letter of credit application.
  • Import license.
  • Tax accounting.
  • Chamber of Commerce ID.
  • Importer ID.
  • Initial presentation invoice, final accounts.

Financing services

  • Short-term facilities
  • Medium-term facilities
  • Overdraft
  • Working capital financing

Facilities

You can now, through our Facilities program, get the money you need to cover your current or future needs. It may arise in the future, whether you need the Facilities to finance a project in the field of industry, trade or other fields.

Criteria for eligibility for the Facilities

A guarantee acceptable to the bank (fixed deposit or mortgage of commercial, industrial, residential property only)

Required documents

  • The customer submits a written request to grant him banking facilities three months after the date of opening the account, and in the event of a current account in other banks, he provides us with a statement of account for a period of not less than the last six months.
  • The four documents or the unified card.
  • Residence approval from the municipal council.
  • A recent official ownership document (real estate deed).
  • A budget for revenues and expenses.

If the Facilities applicant Company, the following documents should be submitted:-

  • The above-mentioned documents for the company's managing director.
  • Memorandum of Association, minutes of meeting and statement of establishment of the company.
  • The company's audited financial statements for the last three years.
  • The company's lease contract if it is rented and if it is owned by the company, provide us with a copy of the company's property deed.
  • Cash flows for the last year or six months at least.

If the guarantee is a property, the following must be taken into consideration:-

  • The property must be fully mortgaged in favor of the bank, i.e. a partial mortgage or a property mortgaged to another bank cannot be accepted.
  • The owner must authorize the bank to sell the mortgaged property in the event that the applicant delays in paying the installments upon Its maturity.
  • The property must not be the owner's only residence.
  • The Facilities is subject to specific terms and conditions set by the Central Bank of Iraq and the bank itself.
  • The bank is authorized to conduct credit inquiries through the Central Bank of Iraq to know the obligations of other banks.
  • The bank has the right to amend any of the criteria, terms and conditions, provided that the customer is notified of such amendments or changes.

Overdraft

This service is a facility granted to the customer on his current account by specifying an amount to be withdrawn from overdraft, and the interest due on the used balance is from this amount and stops when the account returns to its creditor status (when the overdraft is paid).

The requirements for obtaining this type of facility are the same as the requirements for obtaining the Facilities above.

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