Question 1

What is International Development Bank for Investment and Finance (IDB)?

Accepted Answer

International Development Bank for Investment and Finance (IDB) is one of Iraq's largest and most innovative private commercial banks. The bank offers comprehensive banking services to both corporate and retail clients across Iraq, with a specialization in trade finance. As of 2024, IDB holds the position of being the largest private bank in Iraq in terms of assets and deposits, with total assets exceeding $2.3 billion USD.

IDB has expanded beyond Iraq's borders, becoming the first and only Iraqi bank licensed by the Central Bank of UAE to operate a wholesale bank onshore in the United Arab Emirates.

Question 2

When was International Development Bank for Investment and Finance (IDB) founded?

Accepted Answer

International Development Bank for Investment and Finance was established in 2011 with an initial capital of 100 billion Iraqi Dinars (approximately $68 million USD). The bank was co-founded by members of the Khalaf Abed family, with Dr. Zead Khalaf serving as one of the major founders.

Under the leadership of Dr. Zead Khalaf, who formally assumed the position of Chairman of the Board in 2015, IDB transformed from an emerging bank into one of Iraq's most trusted financial institutions. The bank was listed on the Iraqi Stock Exchange in 2017 (listing date: May 2, 2017), expanding its shareholder base to include more than 100 holders of common shares. The majority stake (67.75%) remains owned by the Al Khalaf Family of Iraq.

Question 3

Where is International Development Bank for Investment and Finance (IDB) headquartered?

Accepted Answer

IDB is headquartered in Baghdad, Iraq, with its main headquarters building located on Abu Nawas Street. The bank also maintains representative offices in Beirut, Lebanon, and Dubai, United Arab Emirates, reflecting its regional expansion strategy.

Question 4

Where does International Development Bank for Investment and Finance (IDB) operate?

Accepted Answer

IDB operates an extensive network across all major provinces and governorates of Iraq, from the northern regions including Iraqi Kurdistan to the southern provinces. As of 2024-2025, the bank operates 33 branches throughout Iraq, including locations in Baghdad, Basra, Erbil, Tikrit, Duhok, Al-Kut, and Al-Amiriya.

The bank has been actively expanding its branch network, with the 31st branch opened in Al-Amiriya in December 2024, marking the fifth branch inaugurated that year. IDB maintains the largest banking network infrastructure in Iraq, with over 450 ATM machines and approximately 12,000 point-of-sale (POS) terminals across the country.

Question 5

What services does International Development Bank for Investment and Finance (IDB) offer?

Accepted Answer

IDB provides a comprehensive range of banking services across four main business segments:

Corporate Banking (74.77% of total income): Trade finance, loans, credit facilities, deposit accounts, current accounts, and letters of credit for corporate and institutional customers.

Retail Banking (14.54% of total income): Individual customer deposits, consumer loans, overdrafts, credit card facilities, and funds transfer services.

SME & Other Services (8.81% of total income): Financial products and services tailored to small and medium-sized businesses, including access to Central Bank of Iraq financing initiatives.

Treasury Services (0.81% of total income): Money market and foreign currency exchange services.

IDB is a pioneer in digital banking services in Iraq. In August 2025, the bank launched Iraq's first fully smart branch (IDB Smart Zone), which operates 24/7 and allows customers to complete all banking transactions independently without staff assistance. Services include account opening, cash deposits and withdrawals, check deposits, card issuance, transfers, gold ounce purchases, loan settlements, and content creator payments.

The bank offers advanced mobile banking and online banking platforms, and was the first Iraqi bank to receive an "Issuing and Acquiring" license from both Mastercard and Visa during 2016-2018, enabling it to issue all types of electronic bank cards (debit, credit, and prepaid).

Question 6

What makes International Development Bank for Investment and Finance (IDB) unique?

Accepted Answer

Several distinctive features set IDB apart in Iraq's banking sector:

Digital Innovation Leadership: IDB is recognized as Iraq's most technologically advanced bank, having launched the country's first fully smart branch with 24/7 automated services. The bank has received compliance certification for Payment Card Industry Data Security Standard version 3.2.1 and was awarded "Best Bank in Digital Innovation in Iraq."

First Iraqi Bank Licensed in UAE: IDB made history as the first and only Iraqi bank to obtain a license from the Central Bank of UAE to operate a wholesale bank onshore in the United Arab Emirates, expanding its regional footprint.

Extensive Payment Network: With over 450 ATMs and 12,000 POS terminals, IDB operates the largest banking network infrastructure in Iraq, providing unmatched accessibility across all governorates.

Trade Finance Specialization: The bank has acquired a significant market share of Iraq's total trade finance business and is an approved bank for Dhaman Insurance and IFC's Global Trade Finance Program (GTFP).

Reconstruction Contribution: IDB has positively contributed to Iraq's reconstruction through financing mega projects across various sectors, with total lending exceeding 450 billion Iraqi Dinars (over $375 million USD) in direct and indirect credit facilities.

Strong International Partnerships: The bank has established partnerships with major international organizations including IFC (World Bank Group), Aramex, and global payment networks. In 2019, IDB signed a memorandum of understanding with IFC to expand financial services to Iraq's private sector.

Question 7

What type of financial institution is International Development Bank for Investment and Finance (IDB)?

Accepted Answer

International Development Bank for Investment and Finance is a universal commercial bank operating as a private sector financial institution in Iraq. The bank combines retail banking, corporate banking, investment services, and trade finance operations under one roof.

As a universal bank, IDB serves all segments of the Iraqi economy—from individual consumers and small businesses to large corporations and government entities. The bank is regulated by the Central Bank of Iraq and maintains capital adequacy ratios exceeding the minimum requirements of both the Central Bank of Iraq and the Basel Committee standards (33% CAR as of 2024, well above regulatory minimums).

IDB's structure as a publicly traded private bank (listed on the Iraqi Stock Exchange) distinguishes it from state-owned banks, while its comprehensive service offering differentiates it from specialized financial institutions. The bank maintains autonomous Compliance and Anti-Money Laundering departments and uses Ernst & Young as external auditors, ensuring transparency and adherence to international banking standards.

Question 8

What is International Development Bank for Investment and Finance (IDB)'s role in financial inclusion?

Accepted Answer

IDB has played a crucial role in advancing financial inclusion in Iraq, a country where banking penetration was historically limited to only 15% of the population (compared to 45% in the broader Arab world). The bank has been instrumental in several key initiatives:

Salary Nationalization Program: IDB ranks first among Iraqi banks in nationalizing salaries and pensions for public sector employees, bringing hundreds of thousands of citizens into the formal banking system.

Central Bank Initiatives: The bank actively participates in Central Bank of Iraq lending programs, including a one trillion Iraqi Dinar initiative to support industry, agriculture, housing, and SMEs through subsidized loans.

Branch Expansion Strategy: By establishing 33 branches across all Iraqi governorates, including underserved areas, IDB has made banking services accessible to previously unbanked populations.

Digital Access: Through mobile banking applications, smart branches, and an extensive ATM network, IDB has removed traditional barriers to banking access, particularly benefiting younger demographics and rural populations.

Question 9

What partnerships has International Development Bank for Investment and Finance (IDB) established?

Accepted Answer

IDB has developed strategic partnerships that enhance its service offerings and regional presence:

IFC Partnership (2019): Memorandum of understanding with the International Finance Corporation (World Bank Group) to expand financial services and provide trade financing lines to Iraq's private sector.

Aramex Joint Venture (2024): Collaboration with global logistics leader Aramex through the Ziad Khalaf Group to enhance logistics and shipping services in Iraq, leveraging IDB's extensive network of over 7,000 service points.

Visit Iraq Partnership (2025): Launch of the "Arab Tourist Card" in cooperation with Visit Iraq, the official national tourism platform, supporting Iraq's national tourism strategy.

Global Payment Networks: Official partnerships with Visa and Mastercard as the first Iraqi bank with both issuing and acquiring licenses, enabling comprehensive card services.

AD Ports Group: Memorandum of understanding to review opportunities between the UAE-based port operator and IDB for supporting trade and logistics development.

International Development Bank for Investment and Finance (IDB)

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About International Development Bank for Investment and Finance (IDB) in Iraq

Intern­ational Development Bank for Investment and Finance (IDB)