Question 1

What is Rafidain Bank?

Accepted Answer

Rafidain Bank is Iraq's largest and oldest government-owned bank, with a significant international presence including operations in the United Arab Emirates. Established in 1941, Rafidain Bank (meaning "Bank of Mesopotamia" in Arabic) serves as a major pillar of Iraq's banking sector with 146 branches inside Iraq and international branches in London, Cairo, Beirut, Abu Dhabi, Bahrain, Amman, and Jabal Amman.

In the UAE, Rafidain Bank operates a branch in Abu Dhabi, providing banking services primarily to the Iraqi community and businesses engaged in Iraq-UAE trade. The bank offers conventional commercial banking services and has implemented modern compliance systems including Anti-Money Laundering (AML) and Electronic Reporting (GoAML).

Question 2

When was Rafidain Bank founded?

Accepted Answer

Rafidain Bank was established in 1941, making it over 80 years old and one of the Arab world's longest-operating financial institutions. The bank became a state-owned entity during the 1960s wave of Ba'ath nationalization.

Before the first Gulf War, Rafidain Bank was the Arab world's largest commercial bank with total assets of USD 47 billion. The bank underwent significant restructuring in 1988 when non-performing assets were carved out into Rasheed Bank.

Following damage from the Gulf Wars and international sanctions, Rafidain Bank embarked on a major modernization program. In 2007, the Iraqi Ministry of Finance contracted with British companies B-Plan Information Systems and Misys to rebuild the bank's infrastructure, implementing core banking systems, hardware, communications networks, and staff training across all branches.

Question 3

Where is Rafidain Bank headquartered?

Accepted Answer

The global headquarters of Rafidain Bank is located in central Baghdad, Iraq. The bank operates 165 branches within Iraq, making it the dominant banking presence in the country.

In the UAE, Rafidain Bank's branch is located on the Ground Floor of Khalid Al Bahari Building, Hamdan Bin Mohamed Street, Al Hisn, Central Abu Dhabi. The postal address is P.O. Box 2727, Abu Dhabi, United Arab Emirates.

Question 4

Where does Rafidain Bank operate?

Accepted Answer

In the UAE, Rafidain Bank operates in Abu Dhabi through a single branch location near Thrifty Rent A Car on Hamdan Bin Mohamed Street. The branch provides services to customers in Abu Dhabi and the surrounding areas.

Internationally, Rafidain Bank maintains branches in major cities including London (reopened after sanctions closure), Cairo, Beirut, Bahrain, Sana'a (Yemen), Amman (Jordan), and Jabal Amman, serving Iraqi diaspora communities and facilitating international trade.

Question 5

What services does Rafidain Bank offer?

Accepted Answer

Rafidain Bank provides conventional commercial banking services including current and savings accounts, money transfers (domestic and international), bill payment services, and trade finance facilities. The bank specializes in serving the Iraqi expatriate community in the UAE.

The bank has implemented modern electronic systems in accordance with Central Bank of Iraq requirements and UAE regulatory standards. Services include Anti-Money Laundering (AML) compliance, Electronic Reporting System (GoAML), and ATM services with clear locations and directions.

Operating hours in Abu Dhabi are Monday-Thursday 08:00-14:00, Friday 08:00-12:00, and Saturday 08:00-12:00. The bank can be contacted at +971-2-6335882.

Inside Iraq, Rafidain Bank offers comprehensive retail and corporate banking including investment project financing, loans and advances, salary domiciliation, electronic card issuance, and internal/external money transfer services. The bank has modernized with OBDX internet banking, electronic inquiry services via government portals, and extensive ATM networks.

Question 6

What makes Rafidain Bank unique?

Accepted Answer

Rafidain Bank's primary distinction is its historical significance as Iraq's oldest and largest bank, maintaining operations through extraordinary challenges including wars, sanctions, and national reconstruction. This resilience demonstrates institutional strength and commitment.

The bank's extensive presence in Iraq (165 branches) combined with strategic international locations creates unique connectivity for businesses and individuals engaged in Iraq-UAE commerce. For the Iraqi diaspora in the UAE, Rafidain Bank provides familiar, trusted banking with direct links to Iraq.

The bank's government ownership and systemic importance in Iraq's economy provide stability and backing, while recent modernization efforts have brought electronic banking, compliance systems, and international banking standards to operations.

Rafidain Bank's role in Iraq's national development includes financing the Riyadah Initiative for entrepreneurs, supporting financial inclusion, implementing electronic government payment systems, and participating in anti-money laundering initiatives across the region.

Question 7

What type of financial institution is Rafidain Bank?

Accepted Answer

Rafidain Bank is a government-owned commercial bank and public corporation operating under Iraqi banking law. It functions as Iraq's largest retail and commercial banking institution, serving individuals, businesses, and government entities.

In the UAE, Rafidain Bank operates as a foreign bank branch, licensed to provide commercial banking services to customers in Abu Dhabi. The bank focuses on conventional banking (non-Islamic) services, distinguishing it from the many Sharia-compliant institutions in the UAE market. As a state-owned entity, Rafidain Bank represents the Iraqi government's banking interests in the Emirates.

Rafidain Bank

in the United Arab Emirates 🇦🇪

Crypto-Friendliness

All done!

About Rafidain Bank in the United Arab Emirates