Question 1

What is Elaf Islamic Bank?

Accepted Answer

Elaf Islamic Bank (EIB) is a leading private sector Islamic bank operating in Iraq. The bank specializes in providing Shariah-compliant banking products and services to individuals, corporate clients, and financial institutions.

As one of the prominent members of the Iraqi Banking Association, Elaf Islamic Bank is regulated by the Central Bank of Iraq and is listed on the Iraq Stock Exchange (ISX) under the ticker symbol BELF. The bank focuses on delivering Islamic banking solutions that support the growth of Iraq's economy while adhering to high moral standards and professional banking practices.

Question 2

When was Elaf Islamic Bank founded?

Accepted Answer

Elaf Islamic Bank was originally incorporated in 2001 as "Al Baraka for Investment and Finance" with an initial capital of IQD 2 billion. In 2007, the institution underwent a significant transformation, transitioning from conventional banking operations to full Islamic banking practices and rebranding as Elaf Islamic Bank.

At the time of this transition, the bank increased its capital to IQD 8 billion. Over subsequent years, the bank continued to strengthen its capital structure, reaching IQD 152 billion in tangible equity share capital by 2012, with no debt in its capital structure.

Question 3

Where is Elaf Islamic Bank headquartered?

Accepted Answer

Elaf Islamic Bank is headquartered in Baghdad, Iraq, specifically at 902 Kahramana Square Street 2-Building No.4, Al Wahda District. The capital city serves as the central hub for the bank's operations and strategic direction across Iraq.

Question 4

Where does Elaf Islamic Bank operate?

Accepted Answer

Elaf Islamic Bank operates through a network of branches spread across various Iraqi governorates. The bank maintains a presence in Baghdad and has expanded its reach to other regions throughout Iraq.

The bank's branch network enables it to serve customers in multiple cities and districts across the country, providing accessible Islamic banking services to diverse communities throughout Iraq.

Question 5

What services does Elaf Islamic Bank offer?

Accepted Answer

Elaf Islamic Bank provides a comprehensive range of Shariah-compliant financial products and services, including:

Personal Banking: Savings accounts, current accounts, and certificates of deposit designed according to Islamic banking principles.

Financing Services: Various Islamic financing products including loans structured as Murabaha (cost-plus financing), leasing arrangements, Istisna'a (manufacturing contracts), and Musharaka (partnership) agreements.

Payment Services: Real-Time Gross Settlement (RTGS) transfers, issuance of bills of exchange, and certified cheque services.

Investment Options: A selection of Shariah-compliant investment products including real estate investments, equities, Sukuk (Islamic bonds), and specialized investment accounts such as the "Al-Baraka Distinctive Deposit" which combines current account flexibility with Mudaraba investment features.

Special Projects: The bank actively participates in government initiatives, including financing for the Al-Rehab residential compound project in Baghdad, supporting the national economy and addressing housing needs.

The bank emphasizes technologically advanced banking channels while maintaining strong interpersonal relationships with customers through its branch network.

Question 6

What makes Elaf Islamic Bank unique?

Accepted Answer

Elaf Islamic Bank distinguishes itself through its complete adherence to Islamic banking principles while operating in Iraq's developing financial sector. The bank successfully transitioned from conventional banking to a fully Islamic banking model in 2007, demonstrating its commitment to Shariah-compliant operations.

The bank's involvement in large-scale residential development projects, such as the Al-Rehab residential compound, showcases its role beyond traditional banking services. This project includes features like dedicated power stations, extensive green spaces, and comprehensive security, addressing critical infrastructure needs in Baghdad.

Elaf Islamic Bank maintains a strong capital position with no debt in its capital structure and maintains risk-adjusted capital adequacy ratios above both Central Bank of Iraq requirements and international guidelines. The bank's listing on the Iraq Stock Exchange provides transparency and accessibility for investors seeking exposure to Islamic banking in Iraq.

Question 7

What type of financial institution is Elaf Islamic Bank?

Accepted Answer

Elaf Islamic Bank is a private shareholding Islamic bank (مصرف إسلامي). In Iraq's banking system, Islamic banks are distinct financial institutions that operate exclusively according to Shariah principles, differentiating them from conventional commercial banks.

Islamic banks in Iraq, like Elaf Islamic Bank, provide retail and commercial banking services while ensuring all products, services, and transactions comply with Islamic law. This includes prohibitions on interest (riba), excessive uncertainty (gharar), and investments in prohibited sectors, while emphasizing profit-sharing, ethical investments, and asset-backed financing structures. The bank serves individuals, businesses, and institutions while contributing to the broader development of Islamic finance in Iraq.

Elaf Islamic Bank

in Iraq 🇮🇶

Crypto-Friendliness

All done!

About Elaf Islamic Bank in Iraq