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Iraq's Syariah-compliant banks expect growth despite strife

Eight such lenders seek to tap a population of 36m that has one of the lowest penetrations of formal banking in Mid-East
Thursday, January 29, 2015 - 05:50
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About 11 per cent of Iraqis aged 15 years and older have accounts at formal banking institutions. Now the Cabinet has approved a draft law regulating the Syariah-compliant banking industry, which will now move to Parliament for passage.

Dubai

FOR all the sectarian violence gripping Iraq, Syariah-compliant banks operating in the country see opportunities for growth.

Elaf Islamic Bank, the 14-year-old Baghdad-based lender, is targeting a 28 per cent increase in profit this year, even as rival Cihan Bank said its