Latest updates, analysis, and insights from the world of Islamic finance and fintech.
Prime Minister Ali Faleh Al-Zaidi called on U.S. banks and financial institutions to participate in building a new economic future for Iraq, stressing that the entry of American banks into the Iraqi market could support the development of the country’s banking sector and strengthen its integration with the global financial system.
The Al-Rusafa Investigation Court, which specializes in integrity and money laundering cases, announced the recovery of IQD 51 billion for Rafidain Bank.
Data from the Central Bank of Iraq (CBI) showed that foreign currency sales declined to approximately $35.27 billion during the first eight months of 2026, compared with around $53.83 billion during the same period in 2025.
The Central Bank of Iraq (CBI) has confirmed that the country’s foreign currency reserves are sufficient to meet demand for foreign currency and finance foreign trade through approved purposes and channels.
The Insurance Bureau reported that total gross written premiums by insurance companies operating in the Iraqi market increased by 11% during the second quarter of 2026, compared with the same period in 2025.
The Iraqi Ministry of Interior announced that it is continuing its efforts to combat electronic fraud, confirming the arrest of 249 suspects and the closure and blocking of more than 4,890 fake pages and accounts since the beginning of the year. The ministry also urged citizens to remain vigilant and avoid sharing their banking information or confidential security codes.
Al-Rasheed Bank has announced the adoption of a new mechanism for paying interest on fixed deposits held by private-sector customers, including individuals, on a quarterly basis.
Rafidain Bank announced significant growth in electronic collection operations during August 2026, reporting that the value of settlements processed for government departments and institutions exceeded IQD 1.35 trillion.
Data from the Iraq Securities Commission showed that the Iraq Stock Exchange (ISX60) Index closed the September 14 trading session at 971.16 points.
Iraq’s Minister of Communications, Mustafa Sanad, discussed with Taurus Arm plans to expand the government’s secure LTE network project, with the aim of providing government institutions across Iraq with safer and more efficient telecommunications services.
The National Pension Authority has launched an online service allowing retirees to update their personal information through the government’s Ur Platform, as part of efforts to simplify procedures and expand the use of digital government services.
The Financial and Accounting Training Center organized a workshop titled “The Role of Governance and Compliance in Enhancing Transparency and Accountability in the Banking Sector,” with the participation of employees from various government institutions.
Al-Nahrain Islamic Bank has invited its customers to benefit from its Murabaha financing program for education, offering financing of up to IQD 20 million at an annual Murabaha rate of 5%.
Iraq’s Federal Ministry of Planning held discussions with a delegation from the Kurdistan Regional Government (KRG) on the draft 2027 Federal General Budget Law.
The Center for Banking Studies at the Central Bank of Iraq (CBI), in cooperation with the Anti-Money Laundering and Counter-Terrorism Financing Office, organized a workshop on domestic and international sanctions lists.
The Central Bank of Iraq (CBI) has announced the revocation of the operating license of Al-Shathan Exchange Company after the company was found to have violated regulations and instructions governing the activities of exchange companies and foreign currency transactions in Iraq.
Central Bank of Iraq (CBI) Governor Nizar Nasser Hussein confirmed that the banking sector reform program is continuing in coordination with Oliver Wyman, noting that the next phase will bring further developments aimed at enhancing the efficiency of Iraqi banks and strengthening their integration into the international financial system.
The Central Bank of Iraq (CBI) has confirmed that placing certain licensed banks under supervisory committees or conservatorship is a precautionary regulatory measure and does not mean that a bank is bankrupt or that depositors have lost their funds.
The Governor of the Central Bank of Iraq (CBI) confirmed that the banking sector reform process is continuing in coordination with Oliver Wyman, stressing that “there will be no more sanctions imposed by international entities on the banking sector.”
Ali Abdul Ridha Al-Allawi, Director of the Trade Bank of Iraq (TBI), revealed that more than 85% of Iraq’s cash supply is held outside the banking system, largely kept in citizens’ homes, warning that this situation disrupts the country’s liquidity cycle and affects the smooth availability of funds needed for salary payments.
The Director General of Al-Rafidain Bank, Dr. Ali Karim Hussein, confirmed that the salary payment system for the bank’s cardholders is operating normally, with no interruption to salary disbursements or cash withdrawals.
In a new step aimed at strengthening efforts to combat corruption and money laundering, the Central Bank of Iraq (CBI) has instructed both state-owned and private banks to tighten monitoring procedures for senior officials and their family members who are classified as Politically Exposed Persons (PEPs).
The Central Bank of Iraq (CBI) has decided to place Al-Taif Islamic Bank for Investment and Finance under conservatorship, pursuant to the provisions of Article 59 of the amended Banking Law No. 94 of 2004.
After the efforts of the Palestinian Embassy and coordination with the Central Bank of Iraq and Qi… Why does enabling Palestinians to access SuperQi represent a gain for financial inclusion and Iraq’s digital economy?
Wadih Al-Handhal, Chairman of the Iraqi Private Banks League, said Iraq’s banking sector is undergoing a broad reform process aimed at strengthening compliance and governance standards and rebuilding ties with the global financial system.
The Central Bank of Iraq (CBI) has instructed licensed banks and financial institutions to freeze the movable and immovable assets belonging to 12 political figures and current and former officials, pursuant to a judicial order issued by the Central Anti-Corruption Criminal Investigation Court.
Iraqi Prime Minister’s Advisor Mudher Mohammed Saleh has described the digital dinar as a promising strategic project, while stressing that it should not be viewed as a standalone solution to Iraq’s liquidity crisis.
The Central Bank of Iraq (CBI) has denied reports circulated by some media outlets and social media platforms claiming that a new Iraqi currency with zeros removed has been printed in preparation for its introduction into circulation.
Financing is one of the biggest obstacles facing small and medium-sized enterprises (SMEs) in Iraq. Many of these businesses are unable to meet traditional banking requirements related to real estate collateral or formal credit histories, even though they may be profitable and capable of growing if they receive the right financing at the right time.
Women in Iraq, particularly those living in rural areas and less urbanized provinces, face a clear gap in access to formal financial services compared with men. This is due to factors such as limited mobility outside the home in some social contexts, the lack of independent identification documents, or simply the absence of a nearby bank branch.
The concept of Open Banking has become one of the most influential trends shaping the global financial services industry in recent years. It is a model that allows customers, with their consent, to share their banking data with third-party applications and technology companies in order to provide more personalized and integrated financial services.
At a time when digital payment wallets and money-transfer services are steadily advancing in Iraq, the insurance sector—both digital and traditional—remains one of the least developed and least utilized areas of the financial system, particularly when compared with the country’s population size and the range of risks that insurance could cover.
Thousands of Iraqi families rely on regular financial transfers from relatives who work or live abroad. This makes the efficiency and speed of international money transfer methods a matter that directly affects the daily lives of a significant segment of society, rather than merely being a secondary banking service.
For years, traditional Point-of-Sale (POS) terminals represented one of the biggest barriers to digital payment acceptance among merchants, largely due to their cost and the complexity of obtaining them. QR code payment technology has emerged as a simpler and more affordable solution that fits the characteristics of the Iraqi market, which is largely dominated by individual merchants and small businesses.
Mobile phones have become the primary gateway through which most Iraqis are introduced to digital financial services, in many cases bypassing the personal computer or traditional bank branch altogether. Understanding this role is therefore essential for any organization seeking to develop a successful digital financial service in the Iraqi market.
Fintech companies have long been regarded as direct competitors to traditional banks in many markets around the world. However, the Iraqi experience reveals a somewhat different path, with the relationship between the two sides increasingly moving toward integration rather than direct competition, given that the traditional banking system still represents the backbone of Iraq’s financial sector.
While government slogans continue to promote comprehensive digital transformation, Iraqi citizens today, August 16, 2026, were confronted with a harsh and embarrassing reality inside the offices of the Ministry of Justice and notary public offices.
With every step the Iraqi banking and financial sector takes toward digitalization, the scale of potential cyber risks threatening customers’ data and funds continues to grow. This makes cybersecurity not a technological luxury, but a fundamental requirement for maintaining public trust in any new digital financial service.
Cryptocurrency remains one of the most controversial topics in Iraq’s financial debate. The issue lies at the intersection of the technological and investment enthusiasm of some young Iraqis and the cautious regulatory stance adopted by official authorities, which aims to protect the stability of the financial system and the local currency.
Every emerging financial sector needs a clear regulatory framework that protects users and ensures market stability. Iraq’s electronic payments sector is no exception. The Central Bank of Iraq has worked to establish rules and regulations governing the licensing of payment companies and service providers, with the aim of regulating the entry of new players into the market.
Financial inclusion has become one of the most frequently discussed terms in Iraq’s economic debates in recent years. Simply put, it refers to the ability of individuals and small businesses to access formal financial services at an affordable cost, rather than relying entirely on cash transactions or informal channels.
As the number of digital payment service providers in Iraq continues to grow, consumers now have a wider range of options. These services differ in terms of fees, service networks, and additional features such as instant wallet-to-wallet transfers and integration with e-commerce platforms.
The Central Bank of Iraq has announced a series of comprehensive training courses taking place throughout August, targeting employees of banks and financial institutions. The initiative aims to strengthen their knowledge of electronic payment systems and digital transformation.
Over the past two months, ZainCash has announced several strategic partnerships with well-known local companies. These include a partnership with Simsim, a food delivery platform; another with Aswar, an investment company; a third with RaidFly, a rapid delivery application; and, most recently, a partnership with Sindbad, a shopping platform.
The fundamental question that no one seems to be asking clearly is: What is our real objective in developing Iraq's FinTech sector?
Two years ago, the Central Bank of Iraq (CBI) issued a regulatory "framework" for FinTech companies. The document outlined governance standards, capital requirements, and security criteria, suggesting that Iraq was taking a serious step toward establishing a more mature and regulated FinTech sector.
