Latest News:
About the Bank
History
It is a private joint- stock company founded
by a number of shareholders representing a group of businessmen and
traders in addition to those who are concerned at the level of the
Iraqi and regional market having extensive experience in the activation
and development of the national economy according to the modern
scientific basics, through the adoption of advanced technological
knowledge Used in Arab and international banks.
Establishment
The
bank got establishment license issued by the department of Companies
Registrar under its letter numbered (meem.sheem) / 9713 on
7/10/2003 granted the license of banking practice from the Central
Bank of Iraq under the letter No. 9 3 341 on 9 3 2004 beginning its
operations to provide banking services to customers on 1/4/2004 with a
capital of (2.5) two and half billion Iraqi dinars.
The north bank
for finance and investment enabled, since its inception in 2004, to
achieve important accomplishments in various fields, most notably was to
strengthen its financial position and to increase its interests in
addition to widening its geographical spread with the diversity of its
activity lines, which was included providing more banking services to
its customers.
The bank was also keen to develop continuously
sources of its income, taking into account, maintaining the strategy of
credit risk management applying the international standards. All those
has been achieved despite the exceptional circumstances experienced by
the Iraqi economy at the present time .It has been observed that the
participants, in the meeting of General Authority of the north bank held
in June 2012 to review the results of the bank's activities for the
year 2011, considered the important indicators created by the recent
financial data of the bank as a qualitative evolution in the course of
the bank having a positive impact
for the shareholders in the bank,
we can say that the north bank plays an active role in the Iraqi banking
field for what now enjoys an influential position.
The course of bank
1-The
course of the bank crowded with superiority and success pushed those
who are responsible on it to strengthen its economic base and to
increase its competitive ability in the financial market with a solid
ability and financial competence. where a decision was made to
increase the bank's capital to ten (10) billion dinars in 2005, and got a
further capital increase during the year 2006 to (100) one hundred
billion Iraqi dinars, on the same context, the bank's management
continued on its future strategic ambitions to increase the bank's
capital where it became 125 billion dinars in 2010 to be 175 billion
Iraqi dinars in 2011, including of what has been increased to become 210
billion dinars after the capitalization of its interests amounting 35
billion dinars achieved in the year of 2011 preparing to reach the
required extent of capital which is 250 milliard which will be achieved
in 2013.
2-It is clear that the bank was founded and grew up
in difficult circumstances unstable situations which led to create an
economic environment that is not encouraging for investment and cash
circulation, which its impact reflected on all banking activity. But
with the vigor, the ability and perseverance of the administrators of
the bank and its employees, it has been overcome these challenges in a
manner that helped to make the bank distinct among the excellent banks,
both in terms of its position, which has become the top among the
private banks, or at the level of the results of its other banking
operations, especially in the field of investment, granting the credits
and enhancing its assets. The bank's management has also drawn up and
identified the main objectives which should be achieved by encouraging
the public to save and invest these savings in the economic and
developmental areas to contribute effectively and distinctively in the
economic well-being of the country through granting the cash and
promissory credits and other various banking activities. These policies
led to an increase in the volume of transactions and thus to increase
the profitability in the interest of shareholders, the bank also seeks
to apply control measures characterized by high efficiency and
effectiveness in order to reduce credit risks through asking the
customer to provide adequate guarantees with verification of his
financial capacity and efficiency through granting the credit.
Objectives
The
chairman of the directors board of the North Bank for Finance and
Investment, Nawzad Dawood Fattah Al Jaaf, emphasized that the bank has
plans and ongoing measures in providing its banking services for the
infrastructure projects and in the sectors of housing, electricity and
building of schools as well as the small and medium-sized enterprises.
The contribution of the bank in providing banking service to Al Rusafa
Water Project in Baghdad reflects the financial strength and durability
of the bank, where the cost of the project amounted to more than 1.131
trillion Iraqi dinars (nearly one billion dollars), the investment
community considered the project as one of the huge projects in the
middle east, taking into account its services given to the residents of
the capital Baghdad for the next four decades.
It is also
pointed out that there are other strategic projects which the north bank
funds them and opens the necessary credit for them, unlike what some
people think and feel that the private banks play a specific role in the
implementation of development projects. The amount of projects that are
being implemented by the support of north bank more than one billion
dollars.
Rules of Procedure
The board of
directors considers the hasty changes in information technology in the
world and the financial crises storming the global financial entities,
pushed the bank to the extraordinary efforts for the rehabilitation of
bank staff, the evolution of its working methods, the use of modern
technology, the adoption of control methods and the financial
disclosure of its activity, so as to ensure a sound and stable
management for the bank. Under the guidance of the board of directors,
it has been assigned some cadres of the bank to develop a guide for
business systems and to the service rules in the bank. So after several
meetings and discussions with those who are responsible on the work,
this guide was approved, in which the priorities of works and
administrative control procedures were defined , this guide included
(22) chapters into (61) articles starting from developing the
administrative structure of the general administration of the bank ,
department and branches of the bank, its formations , the recruitment
procedures, the duties and rights of employees, the administrative
levels, the job grades and the privileges and penalties ... etc. The
board of directors has approved the work in this guide starting from
24/8/2006 after ratification on it . The bank authority worked also to
improve and modify the employees' salaries in order to promote and
encourage the spirit of competition to provide all that is the best to
develop the course of the bank, to provide distinct services to
customers and to wide the base of bank dealings inside and outside
Iraq.
