Credit is the framework in which the bank offers financial services to their corporate clients. Credit facilities are one the most effective methods that companies require to achieve their goals. The services are:
- Domestic remittance services in the Iraqi Dinar (IQD) and US Dollar (USD) and International remittance services in the US Dollar (USD) only. Remittance is the process of paying one’s financial obligations either locally or internationally, as well as receiving money either locally or internationally.
- Payment of staff salaries through the B2B program. Once the system is installed, the client can then pay his employees salaries at work, then the bank shall deposit the salaries into the employee accounts.
- Online banking services allow the client to execute multiple financial services from their workplace or while travelling. This will save time rather than travelling to every individual establishment to execute those services.
- Commercial finance
- Letter of Guarantee
- Documentary Credits
- Short Term and Mid Term Loans
- Working Capital Financing
Through our lending program, you can now borrow funds needed to cover your current needs or even those that might occur in the future. The loans can be used to either finance a project in agriculture, manufacturing, trade, oil or any other field.
The criteria for qualifying for a loan are as follows:
- A guarantee that from a body the bank deems acceptable.
- A signed loan application form.
- Identification Cards: Identification Card (ID of Civil Status), Iraqi Citizenship Certificate, Ration Card, Residence Permit, Approval Certificate of the Municipal Council.
- A recent official ownership document.
If the loan applicant is a company/corporate body, the following documents must be submitted:
- The most recent identification documents for the Managing Director of the company.
- The audited financial statements of the company for the past two (2) years.
If the guarantee is on a property, the following terms must be taken into consideration:
- The entire property must be held as a guarantee for the bank. Partial guarantees on the property will not be accepted.
- The owner must authorise the bank to sell the guaranteed property in the event the applicant is not able to pay the premiums when due.
- The property must not be the owner’s sole residence.
- This account is subject to the terms and conditions of CBIQ.
- CBIQ has the right to amend any of the criteria, terms and conditions at any time without prior notification.