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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
Add BT as a preferred sourcePublished Wed, Jan 28, 2015 · 09:50 PM
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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 income dropped last year as militants seized parts of the country.
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