Zain Iraq Islamic Bank (Zain Bank) is a newly established Islamic bank with headquarters in Baghdad, Iraq. The Bank was founded by visionary Iraqi investors, who are committed to bringing retail banking services to the masses. Zain Bank received its Islamic banking license from the Central Bank of Iraq on August 11, 2016 and officially opened its doors on December 4, 2016. It was formed with a paid-up capital of 250 Billion Iraqi Dinars divided into 250 Billion shares, the value of each share being one dinar. The shares are quoted on the Iraqi Stock Exchange. The Bank has five branches, two of which are currently operational and the other three are under construction.
With an ambitious expansion plan, Zain Bank aims to become the premier corporate and retail bank in Iraq by offering its clients banking services "anywhere and anytime". The Bank intends to do so by providing modern retail banking services using multi-channel delivery backed by state-of-the-art technologies. The Bank strives to accelerate financial inclusion by targeting the significant proportion of the unbanked population in Iraq through seamless and accessible banking services. Zain Bank also aims to provide holistic banking services to large corporations, SMEs and start-ups through corporate banking services that have been tailored to the Iraqi environment.
The Bank strictly adheres to the principles of Islamic Shariah and aims to become a catalyst of Shariah compliant banking products in Iraq.