The Central Bank of Iraq announced the signing of a banking agreement with Emirates Islamic Bank, which is considered one of the highest-rated Islamic banks, and is rated (A+) according to the international Fitch agency.

Thus, Emirates Islamic Bank is a distinctive addition to the banking relations that the Central Bank of Iraq has established with advanced regional and international banks in recent years.

The agreement includes joint cooperation on several axes, the most important of which are:
- Exchange of experiences in the field of developing the Islamic banking sector.
- Providing payment services in UAE Dirhams to Iraqi banks and expanding their correspondent accounts network.
- Cooperation between Iraqi banks and Emirates Islamic Bank, under the supervision and support of the Central Bank of Iraq, to ​​formulate a mechanism that will allow individual customers of Iraqi banks in the near future to invest (partially) in Islamic bonds issued by Emirates Islamic Bank or other issuers with a similar credit rating in the United Arab Emirates.

It is noteworthy that the Central Bank of Iraq announced in August of last year the start of a new phase of foreign transfer operations in a step aimed at enhancing the diversity of currencies and facilitating international transfer operations. This announcement came after reaching an agreement on the mechanisms for regulating dealings in the euro, the Chinese yuan, the Indian rupee, the UAE dirham, and other global currencies.

Central Bank of Iraq
Media Office
February 27, 2025

Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq
9th Financial and Banking Conference, 26-2-2025

1️⃣ The financial inclusion rate rose to more than 40%.

2️⃣ Future banks will transform from traditional to smart digital platforms to facilitate financial transactions.

3️⃣ We achieved international integration by connecting the Iraqi electronic payment system to global networks.

4️⃣ The Central Bank is moving to establish its own digital currency to replace paper currency.

5️⃣ Establishing a dedicated data center for the digital economy, artificial intelligence, and data analytics.

6️⃣ We supported the licensing and operation of electronic wallets via phone.

7️⃣ The number of bank cards has reached around 17 million cards throughout Iraq.

8️⃣ The achievements in the field of electronic payments represent a fundamental shift in the financial system.

9️⃣ The number of permanent wallets has reached 1,200,000.

Central Bank of Iraq
February 27, 2025