A summary of RAFIDAIN BANK

 

RAFIDAIN BANK was a founded according to the law number (33) in 1941 and initiated its business in 19/5/1941 with paid up capital of (50) fifty thousand Dinars . the bank went through several stages during its history . first, it started as a first national bank practising commercial banking amongst several foreign banks and then it began to expand inside the country , after that it went through several merger stages since 1964 including commercial banks in Iraq which had been merged with RAFIDAIN BANK , becoming the only commercial bank in Iraq until 1988.

The year that witnessed the foundation of a mother state owned bank-Al RASHEED BANK that began its businesses with the RAFIDAIN Bank's branches that transferred all its transactions to RASHEED BANK.

In 1998 the bank witnessed a new development which is becoming a state company owned completely by the government, according to the law of state companies rules no (22) for the year (97) with target to participate in supporting the national economy in the field of commercial banking , investing monies and financing different sectors according to the developing planes and within the frame of the economical, financial and cash policies of country , the bank accepts different kinds of deposits and investing monies and cash surpluses in different investment aspects, according to the law.

Credit activity are considered one of the most important investment operations and also considered one of the fundmental factors for the bank's work and improvement.

The bank gave its directions regarding granting medium term loans for the period 2-5 years and long term loans for the period 5-10 year to citizens and companies in order to buy equipments and tools or to construct buildings for different agricultural and industrial purposes in additions to granting loan to doctors , dentists , pharmacists and engineers according to certain conditions. And also within this frame, granting facilities in the current account and commercial papers discount, etc..

This considered from the fundamental types of cash credit granted to the bank clients.

The bank is a pioneer in the field of using modern machines in Iraq represented by IT project which considered a huge scheme parallel with the prestige of the bank and its business and branches as it has actual systems covering all the activaties of the bank , mean while there is a continues developing and data renewal .

RAFIDAIN BANK has a significant contribution in developing and supporting local and government banks in the field of technical systems for banking and investment.

At the present time the bank has (147) branches inside the country in addition to (9) branches. Outside , as below :

- Cairo

- Beirut

- Abu Dhabi

- Bahrain

- Sana'a ' - Amman

- Jabel Amman

- Al Aqaba

- London