Commercial Islamic Bank Of Iraq (CIBIQ) is one of the first private sector banks formed in Iraq. It was established in 1992 after local laws were amended to allow private banks to be established with a minimum capital of Iraqi Dinars one hundred and fifty million (150,000,000 IQD). Since its establishment, CBIQ has evolved to open a network of branches across Baghdad and neighboring districts. It was officially listed on the Iraq Stock Exchange in 2004.
Following the acquisition by Kuwait Finance House K.S.C.P. (“KFH”) of the parent company (Ahli United Bank B.S.C. (Closed)), a leading Islamic bank in the world, the Central Bank of Iraq has granted the bank a grace period until December 31, 2024 to convert its assets and liabilities into Sharia-compliant products. Based on the approval of the General Authority and the Companies Registration Department, the name of the bank was changed to “Commercial Islamic Bank of Iraq (formerly the Commercial Bank Of Iraq)” during the year.
The bank’s capital has grown since its establishment in 1992 from 150 million Iraqi dinars to 250 billion Iraqi dinars in 2014. The most prominent developments in the capital were in 2005 when the Ahli United Bank Group BSC, headquartered in Bahrain, acquired a 49% stake in the bank’s shares for an amount of 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 Britain. At the end of 2023, Ahli United Bank’s contribution amounted to 80.3% of the shares. The Bank.
The Bank seeks to achieve the following strategic objectives within the framework of a normal business environment:
To achieve these strategic objectives, the bank has invested in establishing a strong and modern operational and technological infrastructure, which enables the bank to take advantage of business opportunities and provide the best service to its customers through a conservative work methodology.