Republic of Iraq // IRAP Authority
Asia Al Iraq Islamic Bank
REF: IRAP-IQ-REG-1093
Integrity Score
0.0
/5.0
Based on our audit
IRAP Verified Checklist
- Legal License Verified
- Physical Location Confirmed
- No Major Complaints Found
Executive Audit Summary
Asia Al Iraq Islamic Bank (AIIB) stands as a pioneering force in the Iraqi banking sector, delivering Sharia-compliant financial solutions to a diverse clientele encompassing both individual and corporate entities. Established in 2018, AIIB has experienced substantial growth, driven by an unwavering commitment to Islamic values, customer satisfaction, and the highest standards of financial integrity. Recognized and licensed by the Central Bank of Iraq and acknowledged by the Islamic International Rating Agency, AIIB is dedicated to serving as a trusted partner in the realm of Islamic banking, contributing significantly to the economic and social advancement of the Iraqi community.
AIIB's vision is to be the leading Islamic bank of choice in Iraq, championing the principles of Takaful (mutual support) and fostering the economic and social well-being of the community it serves. The bank's mission is centered on providing accessible and responsive services that cater to the evolving needs of its customers, ensuring the protection of their information and assets through robust security protocols. AIIB distinguishes itself through its strict adherence to Sharia compliance, guided by a board and management team possessing extensive expertise in Islamic finance. Innovation is a core tenet, with the bank embracing technology to deliver advanced banking solutions that enhance the customer experience. Furthermore, AIIB is deeply committed to community welfare, actively supporting initiatives that promote a just and prosperous society.
The bank's Board of Directors is composed of seasoned professionals, each bringing a wealth of experience and expertise to the organization. Wisam Abdulsalam Jaafar serves as the Chairman, bringing vast experience in global corporate, investment, and banking, complemented by academic qualifications from prestigious American institutions. Hussein Talib Ali, the Vice Chairman, contributes extensive experience in the commercial market and financial markets. Mohammed Abduljabar Abdulhameed, a Board Member and Commissioner Director, has a strong background in accounting and finance. Azeez Salih Mehdi, also a Board Member, brings experience in marine services and import/export. Ahmed Sulaiman Salih, another Board Member, has a long tenure in state real estate and experience in Islamic banking finance. Ali Mohammed Ali, a Board Member, is a member of multiple professional associations and provides expertise in auditing and accounting. Adnan Zeidan Abdulazeez, a Board Member, is an assistant professor with extensive experience in economics and statistics. The Board also includes several substitute members, each with unique expertise in finance, commerce, and academia.
The Executive Management team is led by Mohammed Abduljabar Abdulhameed, the Manager Director, and includes Zainab Tariq Arabi, the Assistant Director Manager, and Sahib Badr Abbood, a Consultant. The team also comprises experienced managers heading various departments, including Compliance, Auditing, Risk Management, Financial Department, AML/CTF, Human Resources, International Department, Payments Department, Credit Department, Financial Inclusion, MasterCard Department, Information Technology, and Information Security. This structure ensures comprehensive oversight and efficient management of the bank's operations.
AIIB is committed to upholding the highest standards of corporate governance, ensuring transparency and accountability in all its operations. The bank's governance framework is overseen by the Board of Directors and supported by sub-committees, including the Executive Committee, Audit Committee, and Risk & Compliance Committee. These committees ensure adherence to ethical and regulatory obligations, reinforcing the bank's commitment to responsible and sustainable banking practices.
AIIB offers a comprehensive suite of Sharia-compliant banking services tailored to meet the diverse needs of its clientele. These services include personal banking, business banking, transfers and payments, and specialized services. The bank's personal banking solutions provide individuals with secure and ethical financial products, while its business banking services offer financing options that align with Islamic principles. AIIB's transfers and payments services facilitate efficient and reliable transactions, and its specialized services cater to unique financial requirements.
Credit Policy is integral to AIIB's operations, ensuring that financing activities comply with Sharia principles and are conducted with minimal risk. The bank's credit policy objectives include investing deposit funds in Sharia-compliant financing operations, responding to economic conditions, and assisting bank management in defining the general framework of rules and instructions. The policy also guides credit officers in performing their duties, helps establish standardized procedural models, and supports bank management in monitoring credit activities. The ultimate goal is to achieve ethical, human, educational, social, and economic values through its financing activities .
The Executive Management Policy focuses on providing wise leadership and sound guidance to ensure the bank achieves success and sustainability. The executive management is responsible for implementing the strategic goals approved by the Board of Directors and serves as the link between senior management and lower levels in the bank. This policy ensures that the executive management possesses the highest level of credibility, integrity, competence, and necessary experience .
In alignment with its commitment to growth and development, AIIB actively engages in infrastructure investment. While distinct from the Asia Infrastructure Investment Bank, AIIB recognizes the critical role of infrastructure in driving economic progress. The bank supports projects in transport, energy, water, and sustainable cities sectors through various financial instruments, including loans, equity investments, and guarantees. This focus on infrastructure underscores AIIB's dedication to fostering sustainable development and improving the quality of life for communities across Iraq .
Asia Al Iraq Islamic Bank is dedicated to providing banking services that align with the highest standards of Islamic banking. The bank invites individuals and businesses to explore its services and discover how it can help them achieve their financial goals, while adhering to Sharia principles and contributing to the economic and social welfare of the Iraqi community.
AIIB's vision is to be the leading Islamic bank of choice in Iraq, championing the principles of Takaful (mutual support) and fostering the economic and social well-being of the community it serves. The bank's mission is centered on providing accessible and responsive services that cater to the evolving needs of its customers, ensuring the protection of their information and assets through robust security protocols. AIIB distinguishes itself through its strict adherence to Sharia compliance, guided by a board and management team possessing extensive expertise in Islamic finance. Innovation is a core tenet, with the bank embracing technology to deliver advanced banking solutions that enhance the customer experience. Furthermore, AIIB is deeply committed to community welfare, actively supporting initiatives that promote a just and prosperous society.
The bank's Board of Directors is composed of seasoned professionals, each bringing a wealth of experience and expertise to the organization. Wisam Abdulsalam Jaafar serves as the Chairman, bringing vast experience in global corporate, investment, and banking, complemented by academic qualifications from prestigious American institutions. Hussein Talib Ali, the Vice Chairman, contributes extensive experience in the commercial market and financial markets. Mohammed Abduljabar Abdulhameed, a Board Member and Commissioner Director, has a strong background in accounting and finance. Azeez Salih Mehdi, also a Board Member, brings experience in marine services and import/export. Ahmed Sulaiman Salih, another Board Member, has a long tenure in state real estate and experience in Islamic banking finance. Ali Mohammed Ali, a Board Member, is a member of multiple professional associations and provides expertise in auditing and accounting. Adnan Zeidan Abdulazeez, a Board Member, is an assistant professor with extensive experience in economics and statistics. The Board also includes several substitute members, each with unique expertise in finance, commerce, and academia.
The Executive Management team is led by Mohammed Abduljabar Abdulhameed, the Manager Director, and includes Zainab Tariq Arabi, the Assistant Director Manager, and Sahib Badr Abbood, a Consultant. The team also comprises experienced managers heading various departments, including Compliance, Auditing, Risk Management, Financial Department, AML/CTF, Human Resources, International Department, Payments Department, Credit Department, Financial Inclusion, MasterCard Department, Information Technology, and Information Security. This structure ensures comprehensive oversight and efficient management of the bank's operations.
AIIB is committed to upholding the highest standards of corporate governance, ensuring transparency and accountability in all its operations. The bank's governance framework is overseen by the Board of Directors and supported by sub-committees, including the Executive Committee, Audit Committee, and Risk & Compliance Committee. These committees ensure adherence to ethical and regulatory obligations, reinforcing the bank's commitment to responsible and sustainable banking practices.
AIIB offers a comprehensive suite of Sharia-compliant banking services tailored to meet the diverse needs of its clientele. These services include personal banking, business banking, transfers and payments, and specialized services. The bank's personal banking solutions provide individuals with secure and ethical financial products, while its business banking services offer financing options that align with Islamic principles. AIIB's transfers and payments services facilitate efficient and reliable transactions, and its specialized services cater to unique financial requirements.
Credit Policy is integral to AIIB's operations, ensuring that financing activities comply with Sharia principles and are conducted with minimal risk. The bank's credit policy objectives include investing deposit funds in Sharia-compliant financing operations, responding to economic conditions, and assisting bank management in defining the general framework of rules and instructions. The policy also guides credit officers in performing their duties, helps establish standardized procedural models, and supports bank management in monitoring credit activities. The ultimate goal is to achieve ethical, human, educational, social, and economic values through its financing activities .
The Executive Management Policy focuses on providing wise leadership and sound guidance to ensure the bank achieves success and sustainability. The executive management is responsible for implementing the strategic goals approved by the Board of Directors and serves as the link between senior management and lower levels in the bank. This policy ensures that the executive management possesses the highest level of credibility, integrity, competence, and necessary experience .
In alignment with its commitment to growth and development, AIIB actively engages in infrastructure investment. While distinct from the Asia Infrastructure Investment Bank, AIIB recognizes the critical role of infrastructure in driving economic progress. The bank supports projects in transport, energy, water, and sustainable cities sectors through various financial instruments, including loans, equity investments, and guarantees. This focus on infrastructure underscores AIIB's dedication to fostering sustainable development and improving the quality of life for communities across Iraq .
Asia Al Iraq Islamic Bank is dedicated to providing banking services that align with the highest standards of Islamic banking. The bank invites individuals and businesses to explore its services and discover how it can help them achieve their financial goals, while adhering to Sharia principles and contributing to the economic and social welfare of the Iraqi community.