Iraq Launches New State-Owned Islamic Bank

Iraq's Cabinet has approved the establishment of a first state-owned Islamic bank in the country, said Mudher Saleh, deputy governor of the Central Bank of Iraq. This will bring to 12 the number of Islamic banks in Iraq.

Two of the country's six state-owned banks, Rafidain Bank and Rasheed Bank, opened Islamic banking units earlier this year, Saleh told Bloomberg.

Minister  of State Ali al-Dabbagh (pictured), the official government spokesman, said the new Two Rivers Islamic Bank will start with capital of 25 billion dinars ($21.5 million).

(Source: Bloomberg)

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