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Al Mustashar Islamic Bank: Fuelling Iraq’s Growth

IFM_Al Mustashar Islamic Bank
Al Mustashar Islamic Bank's current account service provides a ‘Demand Deposit Account’ that enables customers to manage their daily financial affairs smoothly

Al Mustashar Islamic Bank, which was established in November 2017 and obtained the approval of the Central Bank of Iraq in 2018, is known for offering Shariah-compliant banking services based on the vision of being the ideal choice for customers through a comprehensive and excellent banking package.

Al Mustashar Islamic Bank has committed itself to a clear vision of disrupting the Iraqi market with new financial products and services, while staying true to Islamic law.

Certified Excellence

“Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Al Mustashar Islamic Bank for Investment and Finance’s (MIB) Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of ‘B-‘ and ‘B’, respectively. The Outlook for the LT FCR remains Stable. CI Ratings has affirmed MIB’s Bank Standalone Rating (BSR) of ‘b-‘ with a Stable Outlook, Core Financial Strength (CFS) rating of ‘b+’, and Extraordinary Support Level (ESL) of Uncertain,” the financial venture told International Finance.

Bahrain’s Islamic International Rating Agency (IIRA) has assigned local and foreign currency ratings to Al Mustashar Bank. The rating confirms the bank’s operational excellence on an international level and has been given a ‘Stable’ outlook.

Additionally, IIRA has awarded National Scale Ratings of BBB (IQ)/A3 (IQ) (Triple B (IQ)/ Single A Three (IQ)) to the financial venture.

Wide Variety Of Products

Al Mustashar Islamic Bank’s current account service provides a ‘Demand Deposit Account’ that enables customers to manage their daily financial affairs smoothly. They can also check the balance and make transactions in Iraqi Dinar/US Dollar.

The company offers a ‘Savings Account’ that allows customers to perform banking transactions daily and earn profit returns based on their daily remaining balance. This open-ended account comes with quarterly dividends, free cash withdrawal services, automatic periodic payment order transfers, card services, investment transactions, and instalment payment deductions.

The savings account services are divided into three categories – Izdihar, Bushra, and Hasalaty.

Additionally, the company also provides housing finance in partnership with the Central Bank of Iraq.

Financing Iraq’s Growth Story

Al Mustashar Islamic Bank supports small and medium enterprises through its subsidiary Islamic Consultant Bank for Investment and Finance. In addition to providing business account services, the bank facilitates all the cash management requirements of Iraqi businesses.

Through the electronic clearing system, clients can clear cheques and payments, as well as benefit from fast transfer and completion of international payments. Al Mustashar also offers capital financing solutions for businesses and meets the needs of its contracting companies.

Moreover, the bank caters to a range of trade financing services to facilitate business transactions through innovative methods tailored to meet the needs of businesses.

Other Solutions

Al Mustashar Islamic Bank for Investment and Finance offers external transfer services to its customers using the foreign remittance system, the SWIFT system, and various correspondent banks. The bank maintains competitive commission rates for these services.

The bank also provides documentary credits to its customers by issuing credits through the SWIFT system and a network of correspondent banks. Customers can collect their instruments and payment orders through the Automated Clearing House (ACH).

The Automated Clearing House (ACH) system allows banks and their branches to automatically exchange low-value payment orders, as well as process and send the final Net Settlement Instruction (NSI) to the Real Time Gross Settlement (RTGS) system.

Al Mustashar also issues certified instruments to government agencies, private companies, and semi-official agencies to facilitate their transactions and deliver their money quickly and at competitive prices.

The Game-Changing Debit Card

The MIB MasterCard Debit Card is designed to help customers make payments with ease, without worrying about cash liquidity. With this card, customers can link up to three accounts to the primary card account.

In case the MIB MasterCard Debit Card is lost, it can be exchanged. The amount withdrawn or used for purchases is directly deducted from the customer’s account without any added interest.

Al Mustashar Islamic Bank has not only established itself as a leading player in Iraq’s financial landscape but has also garnered international recognition for its commitment to Shariah-compliant banking. With a diverse range of services, from innovative financial products to excellent customer support, the bank stands as a symbol of operational excellence and growth in the Islamic banking sector.

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