Within the bank’s framework is providing FINANCIAL FACILITIES to its customers. Financial facilities are considered the most effective means that individuals need for funding their financial needs.

There are three types of services:

1- Banking Services

A. Remittances which is divided into two parts: -

  • inward remittances consist of (outgoing and incoming remittances) the process of transferring the money is done among the accounts of our customers inside Iraq and by (RTGS) or (CT), the currency could be in both (Iraqi dinar and dollar).
  • Outward remittances consists of (outgoing and incoming remittances) the process of transferring the money is done among the accounts of our customers outside Iraq, the currency could be in both (Iraqi dinar and dollar).

This service requires: -

  • Filling in the transference form.
  • Customer’s tax obligation/ clearance.
  • Other supporting bills for transference.

* When the transfer amount exceeds $ 10,000 or 15 million Iraqi Dinars, the customer must provide supporting documents and fill in KYC form.

B. AL Saftaja

Issuing   of  Saftaja cheques for our customers as well as for walk- in customers to pay for both (governmental and private) offices.

This service requests

  • Fill out the application form to issue the saftaja.
  • The required documents + passport (for non customers).

2. Commercial services

A- Letters of guarantee
Is a type of contractual credit issued upon the request of the client to the beneficiaries (for governmental, private, internal and external authorities).

This service requires: -

  • Written request
  • fill in the application form for issuing LG
  • the contract of LG’s issuance.

B- Letter of credits
it is a written contract issued by the sending bank (s), based on the request of the buyer (the applicant or the person in command or the importer) for the benefit of the seller (beneficiary) through the receiving bank (the notifier).

This service requires: -

  • LC’s application form filled by the customer.
  • Import license
  • tax obligation/ clearance.
  • Baghdad Chamber of Commerce identity
  • Importer ID and initial invoice

 

3. Financing services

A- Short-term loans
B- Medium- Term Loans
C- overdraft

Loans

Now, and through our loan program, you can get the money to cover your current or future needs, whether you need a loan to fund a project in the field of industry, trade or other.

Criteria for getting a loan
an acceptable guarantee at the bank (fixed deposit or residential or commercial or industrial kind of mortgage,)

Required documentation:

  • Identity Cards.
  • Supporting housing from the municipal council.
  • A recent official title deed (real estate bond)
  • Budget for income and expenditure

If the applicant is a company, the following documents should be submitted:-

  • The above-mentioned documents of the authorized director of the company.
  • Audited financial statements for the last three years.
  • Lease contract of the company but if it is owned then provide us with certified photocopy of the property deed of the company
  • Cash flows for the past year or months.

If the guarantee is a property, the following should be considered:

  • The mortgage must be fully mortgaged in favor of the bank, i.e., a partial mortgage or a mortgaged property cannot be accepted by another bank.
  • The landlord must authorize the bank to sell the mortgaged property if the applicant fails to pay the installments when they fall due.
  • The property should not be the only residence of the owner
  • The loan is subject to specific terms and conditions by the Central Bank of Iraq and the Bank itself
  • Authorizing the bank to make inquiries on credit information through the Central Bank of Iraq to know the customer’s obligations toward other banks.
  • The Bank may amend the terms as well as conditions, but at the same time the client should be informed of such amendments or changes