In 2023, Alarabi Islamic Bank (AIB) was established in Baghdad, with its origins tracing back to 1930 by one of the largest family-owned businesses in the MENA region.
The conglomerate has been working for decades in the Iraqi Market with a dream of initiating an Islamic Banking System. Finally, and in 2023 Alarabi Islamic Bank (AIB) which is dully approved by the Commercial Registrar Office and the Central Bank of Iraq (CBI) is now a dream come true. AIB is committed to delivering high-quality banking services while adhering to strict regulations governed by Islamic Shariah laws, which forbid certain financial practices, including interest (usury) and investments in businesses considered haram (forbidden).
AIB’s core mission is to provide a range of financial services while maintaining ethical and Shariah-compliant standards. It offers various products, including Islamic savings and current accounts, profit-sharing investment accounts, and Islamic home financing. Customers of this bank can expect to benefit from profit-sharing arrangements, where returns are generated through ethical and Shariah-compliant investment activities.
Moreover, AIB striving to serve a diverse customer base and support the economic well-being of the community. It promotes ethical and responsible banking practices, ensuring that its operations align with the principles of fairness, transparency, and social responsibility.
In an ever-evolving financial landscape, the establishment of AIB in 2023 not only offers a viable alternative for individuals seeking ethical and Shariah-compliant financial solutions but also contributes to the growth and diversification of the banking sector while upholding the values and principles that are integral to Islamic finance.
To lead in the development of innovative and technology-driven banking solutions, making banking more accessible and convenient for our clients, and set new standard in ethical, Shariah-compliant banking, bringing value, trust, and prosperity to our customers, shareholders, and the communities we engage with. We aspire to be a trusted partner on the journey to financial success and a catalyst for positive change in the financial industry.
Our vision extends beyond profit generation. We are dedicated to contributing to the betterment of the communities we serve, supporting community development initiatives, and fostering economic growth in alignment with Islamic values, we seek to enhance financial literacy and promote awareness of Islamic finance principles among our clients and the broader society.
Our values serve as the foundation of every one of our decisions, conversations and interactions, helping us navigate challenges and anchoring us to what matters most: doing the right thing.