A senior executive has said that, the authorities have received an application from the UAE and Bahraini businessmen seeking license for the establishment of an Islamic bank in Iraq with the capital of 240 millions.
Abdulsalam M. Juwaied, the vice president of Islamic Bank for Investment and Develop me of Iraq has said that, they have applied to the Central Bank of Iraq and they are anticipating to get the approval for the bank within the next 6 months.
Juwaied has added that the primary aim of the bank will be, financing the small and medium enterprises that are working in conformity with the principals of Shariah. The bank will provide funds for setting up schools, care homes and hospitals.
Source [Zawya]