Retail Financial Services

Banking facilities are the framework in which the bank provides financial facilities to its individual clients. Financial facilities are considered one of the most effective means that individuals need to finance their financial needs. There are three types of services:-

1- Banking services

A- Transfers, which are divided into two sections:-

*Internal transfers consisting of (outgoing transfers and incoming transfers) are transferred to and from our clients' accounts inside Iraq using the (RTGS) or (CT) system and in the Iraqi dinar and dollar currencies.

*External transfers consisting of (outgoing transfers and incoming transfers) are transferred to and from our clients' accounts outside Iraq and in the dollar and euro currencies.

To obtain this service, it is required:-

• Fill out the form Transfer.
• Taxes are charged to the customer.
• Supported invoices for the transfer.
• When the transfer amount exceeds (10,000) dollars or (13,200,000) Iraqi dinars, the customer must submit supporting documents and fill out the Know Your Customer (KYC) form.

• B- Bills of Exchange

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

  To obtain the service, it is required:-

  • Fill out the bill of exchange request form.
  • The four documents + passport (for others Our customers).

• 2- Commercial Services

  A- Letters of Guarantee

  It is a type of contractual credit issued upon the customer's request to the beneficiary entities (for governmental and private entities, internal and external).

  To obtain the service, it is required:-

  • Written request
  • Filling out the letter of guarantee request form
  • Letter of guarantee issuance contract.

• 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 (Amount).

  To obtain the service, it is required:-

  • Fill out the application to open a credit
  • Import license
  • Tax accounting
  • Chamber of Commerce ID
  • Importer ID and initial offer invoice

• 3- Financing services

  A- Short-term facilities

  B- Medium-term facilities

  C- Overdraft

  Facilities

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

  Eligibility criteria for obtaining a facilities

  A collateral 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 after three months from the date of opening the account and in the event of a current account in other banks, he provides us with a bank statement 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 is a company, the following documents must 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 audited financial statements of the company 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 property deed belonging to the company.
  • 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 fails to pay the installments when due.
    • 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 determine 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 credit 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.