IDB was established in 2011; with a paid-up capital of 250 billion Iraqi dinars, (equivalent to 210 million US dollars) as of today. The bank is one of the leading banks locally and regionally, in offering commercial banking services to corporate and retail customers. The Bank has a competitive edge in its conclusive electronic banking services offering.
Despite its newness, the bank was able to acquire a significant share of the total domestic trade and banking market, through a network of more than 16 branches and more than 550 employees, covering all major provinces in Iraq, including the Kurdistan region and the Middle Euphrates and southern Iraq, along with a representative office in Beirut and Dubai. The Bank’s branch network will reach 25 branches in 2020 and as per the Board of Directors approved strategy.
The International Development Bank for Investment and Finance’s success lies in the ability of the Board of Directors, more specifically its chairman, Mr. Ziad Khalaf Abed in laying firm foundations and principles, in addition to comprehensive policies and procedures covering the Bank’s wide departments and divisions. Further; IDB adopts complete corporate governance manual as as stipulated by leading practices.
The Bank attained “Issuing and Acquiring” license from both MasterCard and Visa as the first Iraqi Bank to issue all types of electronic cards (debit, credit, pre-paid) from inside Iraq. The Bank today has the largest ATM acquiring network with more than (150) ATMs installed in Iraq in addition to more than (1000) POS. As per the Bank’s Board approved strategy, the ATM network will reach around (300) ATMs and POS will reach (5000) by end of 2019.
It is noteworthy to mention here that the Bank has received the best rating in Iraq according to the join audit conducted by the Central Bank of Iraq in coordination with Ernst & Young as per the CAMELS rating methodology.
The Bank has achieved numerous milestones during the year 2017; we have summarized some of them and as per the below:
- The Bank has assigned Ernst and Young as the Bank’s external auditors for the years 2017- 2019.
- The Bank has obtained the PCI Security License making it the first Bank In Iraq to obtain such a license.
- The Bank has continued its investment and development in its mobile banking application through the provision of additional services, most notably the ability to execute internal transfers (RTGS) within Iraq through this application making IDB the first Bank in Iraq to offer this service.
- The Bank has successfully developed and expanded its retail credit banking service offerings by launching new products such as mobile financing, travel loan and other tailored made products targeting SMES.
- The Bank has made extensive investments and developments in its IT infrastructure and information technology systems in relation to AML/CFT & compliance and as per CBI recent requirements.
- The Bank successfully completed the interface of the “World Check” filtering software with its core banking solution.
- The Bank has implemented a modern risk assessment mechanism for customer risk profiling and has been included in the bank’s due diligence procedures when opening bank accounts to customers.
- The Bank has insured all of its fixed assets as cash in vault and cash in transit through obtaining the Bankers Basket Bond from the best international reinsurance companies.
- The Bank participated actively in the SMEs Financing Initiatives stipulated by the Central Bank of Iraq through the financing of projects exceeding 3 billion Iraqi dinars during 2016 and in various provinces in Iraq.
- The Bank has entered into a strategic partnership with Harvard Training and Rehabilitation Organization to continue investing in human resources through continuous training courses in line with the skills required for each employee and according to the requirements of the Central Bank of Iraq.