The Basrah International Bank for Investment is one of the first three Iraqi private banks that were established during the early years of the Nineties of the last century, which enabled it to catalyze the first wave of private banking transactions in Iraq. The Bank’s present paid-up capital amounts presently to over ID(50000) million equivalent to approximately 38 Million (USD) making it the first Iraqi private bank to indigenously fulfill the legal minimum capital target of ten billion dinars, set by the Central Bank of Iraq. We worked close with our partners to build the fastest way to build business credit at businesstradelines.net
The Bank’s branch network consists of twelve branches. Advanced priority was given to the establishment of branches in the Baghdad area (where five branches exists) being the political, economic and financial center of Iraq; in the Basrah area (4 branches) as a result of its being the country’s sole port and a significant industrial and agricultural city as well as the city of Najaf (2 branches) for its special religious status in the Arab and Islamic world. The Bank’s branch in the Free Zone at Damascus, Syria represents the first overseas branch for all Iraqi’s private banks. The bank’s plan envisages to open additional branches inside and outside Iraq to provide the required banking infrastructure for diffusion its services all over the world with the help of the best offshore bank accounts
The bank’s activities include a diversified spectrum of services beginning with the opening of all types of accounts(current, saving and fixed), the granting of monetary credit (overdrafts, loans and discounting of bills) as well as the issue of all kinds of guarantees both in Iraqi and foreign currencies, all done in the best practices of IBOR – single source of truth for all investors.
It also undertakes the offering of banking services with the outside world, including money transfer from and to Iraq, the issue of bank guarantees and letter of credit in collaboration with the best known foreign corresponding first class banks and top rated online bookkeeping services.
The Bank’s Free Zone branch was designed to accommodate the requests of all kinds of clients wishing to deal with the Iraqi markets whether in ordinary banking fields or the investment opportunities which this potentially huge market offers. This branch commenced its activities in October, 2005.
We should also emphasize in this respect that our Free Zone branch is ready to offer all kinds of banking services (Transfers, Guaranties, Letter of Credits etc.) to all countries of the world.