The bank obtained permit of establishment issued by the Registrar of Companies, No. M. SH / 9713 on 7/10/2003, and the granting of banking practice by the Iraqi Central Bank, No. 9/3/341 in 9/3/2004, and began its provision of banking services to clients on 04/01/2004 with a capital of two and a half billion Iraqi dinars.

The course of the bank since its establishment has been full of superiority and success, which prompted and encouraged the people working there to strengthen its economic base and to increase its competitiveness in the financial market.

In order to enable the exercise of banking operations efficiently and the ability of financial wholesomeness, it was decided to increase the bank's capital to ten billion Iraqi dinars in October 2005. In August 2006, the capital was increased to Twenty-five billion dinars.

Due to the continued success and superiority, the management felt the need to increase the capital again during 2006, and it obtained the consent of the General Board in 24/12/2006 to increase the capital to one hundred billion Iraqi dinars.

The bank's administration planned in its future strategic ambitious increases and the expansion of its activities in the light of developments and appropriate circumstances. The bank was established and grew under difficult circumstances and conditions but its activities led to the creation of a stable economic environment that not only encouraged investment and cash circulation reflecting impact on all actors and banking activities, it also faced significant challenges during its process and composition.

Thanks to the dynamism and ability of the bank’s firm management as well as the employees who were able to deal with these challenges and overcome difficulties, the bank was able to find its way and to become a distinguished example among other banks under severe competition, and it turned to be one of the pillars and bases for a strong financial and economic contribution in building the national economy, the continuing growth and future development.

The bank’s management charted and identified its main objectives, which is achieved through encouraging public savings and investing these savings in the areas of economic development, as well as to contribute to the players and distinguished careers in the country’s economic welfare through the granting of credit and promissory cash and other various banking activities. This policy led to an increase in the volume of transactions and thus increased profitability to be in the interest of shareholders. The bank also seeks to implement highly efficient and effective special control procedures order to reduce credit risks, by demanding the client to provide adequate safeguards and verification of financial capacity and efficiency before granting credit.

The bank’s management charted and identified its main objectives, which is achieved through encouraging public savings and investing these savings in the areas of economic development, as well as to contribute to the players and distinguished careers in the country’s economic welfare through the granting of credit and promissory cash and other various banking activities.

This policy led to an increase in the volume of transactions and thus increased profitability to be in the interest of shareholders. The bank also seeks to implement highly efficient and effective special control procedures order to reduce credit risks, by demanding the client to provide adequate safeguards and verification of financial capacity and efficiency before granting credit.

Upon the guidance of the Governing Council, some of the bank’s cadres were to create a directory of labor regulations and service rules in the bank, and after several meetings and discussions with those involved in the work, this guide was approved, which identified priorities for action and internal control procedures.

This included manual (22) according to article (61) of the founding statue of the administrative structure and public administration of the bank and its divisions and branches as well as configurations and recruitment procedures and the duties and rights of staff and administrative levels and degrees of functional privileges and penalties.... Etc. The manual was approved by the Governing Council following amendments and implemented from 24/8/2006. The bank’s management has to improve and adjust the salaries of the staff to promote and encourage the spirit of competition for what is best for the bank’s development and course, as well as to provide excellent services to customers and expand the base of banking dealings inside and outside of Iraq.