Rafidain Bank

Al-Rafidain Bank is incorporated according to the Law No. 33 for 1941, and started business on 19/05/1941 with a paid capital of ID 50 thousand. The Banks passed through multiple phases throughout its historical march, first represented by its existence as the first national bank exercising commercial banking among many foreign banks. Gradual expansion abroad with Iraq started, and then it passed through multiple merging phases starting from 1964 which comprised the commercial banks which were working in Iraq, when these were, in 1974, consolidated with Al-Rafidain Bank making it the only commercial bank in Iraq. It continued to work alone in the field of banking until 1988, when another State bank was incorporated; it was Al-Rasheed Bank, started its business with the Al-Rafidain Bank’s branches which businesses were transferred to it. In 1998, the Bank witnessed another development; that is its conversion into a State company owned entirely by the Iraq goverment according to the State Companies Law No. 22 for 97, in view to participate in supporting the national economy in the field of commercial banking and investment of funds and offering of finance to various sectors according to the development plans within the framework of the States economical, financial and cash policies in various forms of investment according to the legal stipulations. The credit activity represents the most important investment transactions conducted by the Bank and is considered an important function of its business and growth; it issued several instructions pursuant to which has decided to grant mid-term loans ranging from 2 – 5 years and long term loans ranging from 5 -10 years to individuals and companies interested in order to transfer the purchasing transactions of machines, equipments and implements or constructing appropriate buildings for various agricultural and industrial purposes in addition to granting loans to medical doctors, dentists, pharmacists and engineers under certain conditions and regulations, included within this framework is granting facilities in current account and discounting and following the commercial papers which is a type of premium cash credit granted to the Bank’s customers and clients. The Bank is a leader of the governmental organizations in the field of using modern machinery in Iraq, represented by the Computer Projects, which is considered a big project matches the Bank’s standing, business and branches; as it has now real systems covering all the Bank’s activities. Systems are developed and information are updated continuously. Also, it actively participates in the development and support of Governmental and private banks in the fields of banking, investment and technical systems. The Bank currently has 161 branches in Iraq plus 7 branches abroad: Cairo, Beirut, Abu Dhabi, Bahrain, San’a’, Amman, Jebel Amman.

Address: Al Rasheed Street 1360 Iraq Baghdad

Phone: +964 1 885 7183
FAX: +964 1 816 5035