Question 1

What is South Islamic Bank for Investment and Finance?

Accepted Answer

South Islamic Bank for Investment and Finance, commonly known as Al-Janoob Islamic Bank, is an Iraqi Islamic bank that operates in accordance with Sharia law principles. The bank serves both corporate and individual sectors with a focus on Islamic banking products and services.

Established by businessmen and investors from various sectors including agriculture, food industries, and financial investments, the bank has a paid-up capital of IQD 510 billion. Al-Janoob Islamic Bank is listed on the Iraq Stock Exchange under the code BJAB and is progressively establishing its position in various fields of business within the Iraqi banking sector.

Question 2

When was South Islamic Bank for Investment and Finance founded?

Accepted Answer

South Islamic Bank for Investment and Finance was established on February 2, 2016, and officially listed on the Iraq Stock Exchange on April 30, 2018. The bank was founded by businessmen and investors operating in diverse sectors, with the primary purpose of providing Islamic banking services compliant with Sharia law.

Since its establishment, the bank has focused on serving the agricultural sector, food industries, and financial investments. The founding capital was IQD 250 billion, which later increased to IQD 510 billion, reflecting the bank's growth trajectory in the Iraqi banking market.

Question 3

Where is South Islamic Bank for Investment and Finance headquartered?

Accepted Answer

South Islamic Bank for Investment and Finance is headquartered in Baghdad, Iraq. The main office is located at Building 73, Street 14, District 609, Al Watheq Square, Karrada, Baghdad.

The bank's headquarters in the Karrada district serves as its administrative center and primary operational hub, from which it coordinates its branch network and banking operations across Iraq.

Question 4

Where does South Islamic Bank for Investment and Finance operate?

Accepted Answer

South Islamic Bank for Investment and Finance operates throughout Iraq with a network of 13 branches strategically located across key governorates. The bank has an ambitious expansion plan to increase its presence in additional governorates to ensure wider service coverage to its target client base.

The bank also maintains an extensive ATM network consisting of 39 machines strategically positioned within branches and at various prime locations across Iraq, providing 24/7 access to banking services for customers throughout the country.

Question 5

What services does South Islamic Bank for Investment and Finance offer?

Accepted Answer

South Islamic Bank for Investment and Finance offers a comprehensive range of Sharia-compliant products and services for both corporate and individual clients. The bank's service portfolio includes current accounts, savings accounts, investment accounts, and various Islamic financing products.

The bank has launched a package of electronic services and digital channels to enhance electronic payment systems and support digital transformation. These digital services include the Aljanoob Mobile banking application available for iOS devices, enabling customers to conduct banking transactions electronically from inside and outside Iraq without needing to visit a branch.

The bank also issues MasterCard debit cards to its customers, partnering with organizations such as the Ministry of Defense to provide card services to government employees. The bank's ATM network supports withdrawals, balance inquiries, mini statements, and inter-account transfers around the clock.

Question 6

What makes South Islamic Bank for Investment and Finance unique?

Accepted Answer

South Islamic Bank for Investment and Finance distinguishes itself through its recognition by international rating agencies and its commitment to Islamic banking excellence. In the first quarter of 2023, the bank received an assessment from the Islamic International Rating Agency (IIRA), an independent credit assessment institution accredited by central banks across various Islamic countries.

The bank achieved an A- rating at the domestic level and a B rating internationally, positioning it as one of the best banks operating in Iraq. This recognition highlights the bank's commitment to excellence in Islamic finance and its strong performance in the Iraqi banking sector.

The bank also takes a leadership role in introducing innovative Islamic Sharia-compliant products that support entrepreneurship. Its digital transformation initiatives align with the Central Bank of Iraq's focus on electronic technologies and modernizing the Iraqi banking system.

Question 7

What type of financial institution is South Islamic Bank for Investment and Finance?

Accepted Answer

South Islamic Bank for Investment and Finance is an Islamic Commercial Bank operating under Iraqi banking regulations and Islamic Sharia principles. The bank functions as a full-service Islamic financial institution, offering both retail and corporate banking services while adhering strictly to Sharia-compliant banking practices.

As an Islamic bank in Iraq, it operates under the supervision of the Central Bank of Iraq and is regulated in accordance with Iraqi banking law. The bank is a publicly listed company on the Iraq Stock Exchange, subject to disclosure requirements and oversight by the Iraqi Securities Commission. It provides universal banking services including deposits, financing, investment products, and electronic banking services, all structured to comply with Islamic finance principles that prohibit interest (riba) and promote profit-sharing arrangements.

South Islamic Bank for Investment and Finance

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About South Islamic Bank for Investment and Finance in Iraq