Loading…Loading…Loading…Loading…Country guide · OIC member state
Iraq, an OIC member since 1975, has a dedicated law for Islamic banks: the Islamic Banks Law No. 43 of 2015. It sits alongside the Central Bank of Iraq Law and the Banking Law of 2004, and requires every Islamic bank to have a Sharia Supervisory Board approved by the Central Bank of Iraq, whose decisions bind the bank.
When the law was passed, the Central Bank presented it as a way to revive the wider Islamic economy, including Halal food trade and Halal tourism. AAOIFI's accounting and Sharia standards apply where Iraqi law is silent. This guide lists the institutions behind each part, with their pages on Wasabih.
The Islamic Banks Law No. 43 of 2015, together with the Central Bank of Iraq Law No. 56 of 2004 and the Banking Law No. 94 of 2004 for matters it does not cover.
Each bank's Sharia Supervisory Board: five members approved by the Central Bank of Iraq, at least three of them experts in Islamic jurisprudence. Its decisions are binding on the bank.
At least IQD 250 billion of paid-up capital, of which IQD 100 billion at establishment and the rest in three equal yearly instalments; the Central Bank may raise the minimum.
AAOIFI's accounting and Sharia standards apply where no specific Iraqi legal provision exists. IFSB standards apply only if adopted by law, by Central Bank instructions or by the bank itself.
Iraq has been a member state of the Organisation of Islamic Cooperation since 1975.
Part of the Halal economy in Iraq?
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