About Us

Our Story

A bit about our background

Elaf Islamic Bank was incorporated as ‘Al Baraka for Investment and Finance’ in the year 2001 with an initial capital of Iraqi Dinar (IQD) 2 billion. The Bank transformed its operation to Islamic Banking from Conventional Banking in 2007 with an increase in capital of IQD 8 billion.

In the subsequent years, the tangible equity share capital was augmented to IQD 20 billion in 2009, IQD 50 billion in 2010, IQD 100 billon in 2011 and IQD 152 billion in 2012. The Bank has no debt in its capital structure and has a risk adjusted capital adequacy which is well above the limit stipulated by the Central Bank of Iraq and international guidelines. The asset and liability are well managed with prudent risk policies and oversight as well as advice of the Board.

The Bank got listed in Iraq Stock Exchange (ISX) in 2011 with the ticker BELF.

Our concept is to offer convenient technologically advanced banking channels as well as simultaneously maintain enhanced interpersonal relationship with our customers. We cater individuals, corporate and financial institutions for their varied requirements with our products and services that are Shariah compliant and customizable.

We appreciate and encompass high moral values, integrity and professionalism in our banking practice that not only considers our clients, shareholders and banking peers but also the communities and the environment at large.

SWIFT CODE: ELAFIQBA

Meet Our Board of Directors Members

Shari’ah Compliance

Elaf Islamic Bank is guided by a Shari’ah Supervisory Board which reviews the Bank’s activities to ensure that all products and investment transactions comply fully with the rules and principles of Islamic Shari’ah.

The Shari’ah Supervisory Board consists of minimum three members appointed by the Board of Directors for two years’ term.

1. Responsible and accountable for all Shari’ah

decision, opinions and views provided in the course of discharging the duties

and responsibilities a member of SSB.

2. Provide input, advice, guidance to the Board of EIB

on Shari’ah matters in order for EIB to comply with principles of Shari’ah at

all times.

3. Endorse Shari’ah policies and procedures as well as

ensure that the contents do not contain any elements which are not in line with

Shari’ah principles.

4. Endorse, validate and approve documentation for

compliance with Shari’ah principles.

5. The terms and conditions contained in the forms,

contracts, agreements and/or other legal documents used in executing the

transactions.

6. The product manual, marketing advertisements, sale

illustrations and brochures used to describe the product.

7. Review the work carried out by Shari’ah audit in order to ensure compliance with Shari’ah matters which forms part of their duties in providing their assessment of Shari’ah compliance and assurance information in the Annual Report.

8. Ensure that all earnings realized from sources or by means prohibited by Shari’ah are disposed of to charitable causes.

9. Ensure that the calculation of Zakat is in compliance with Shari’ah.

10. Assist the related parties of EIB such as legal counsel, auditor, a consultant who may seek Shari’ah matters.

11. Provide written Shari’ah opinions in circumstances where EIB goes for new product approval.

12. Provide Shari’ah advisory and consultancy services in all matters relating to EIB’s products, transactions, and activities as well as other businesses involving EIB.

13. Scrutinize and endorse the annual financial report of EIB.

14. Provide training to the employees as well as notes or relevant materials for their reference.

15. Represent EIB or to attend any meetings with Islamic regulatory bodies or other relevant bodies concerning Shari’ah issues relating to EIB

16. The SSB shall maintain confidentiality and shall responsible for the safeguarding of confidential information. He or she should maintain all information in strict confidence, except when disclosure is authorized by EIB or required by law.

17. The SSB shall ensure the quality and consistency of the Shari’ah decisions.

VISION

“We believe society needs a fair and equitable financial system: one which rewards effort and contributes to the development of the community”

MISSION

“To meet the financial needs of communities across the world by conducting business ethically in accordance with our beliefs,

practicing the highest professional standards and sharing the mutual benefits with the customers, staff and shareholders who participate in our business success”

OBJECTIVE

We construct our pyramid of a ‘Reliable Name in Banking’ by possessing and refining our key attributes: integrity, excellence, professionalism and compliance that are the foundation for the pyramid of a ‘reliable name in banking’. We are diligent to make our objectives dynamic to suit the changing needs of all the stakeholders – clients, customers, employees, shareholders, correspondent banks and regulators as well as that of the economy of Iraq and the world.

CAREERS

At Elaf Islamic Bank, we value individuals who enjoy the challenges of solving problems and take initiatives to continuously learn and think ‘out of the box’. People, who possess a fast conceptual tempo that enables them to catch up on new situations quickly and learn from those experiences by applying their knowledge along the way and setting new performance/innovation benchmarks are welcomed and encouraged in Elaf Islamic Bank to catch up on new situations quickly and learn from those experiences by applying their knowledge along the way and setting new performance/innovation benchmarks are welcomed and encouraged in Elaf Islamic Bank.

Though the Bank continues to evolve and change, the key to our success remains constant; we focus on customer needs, the spirit of innovation, and a broad range of expertise combined with technological power and financial strength delivered by diverse, highly skilled professionals across the world.

Should you feel you have in you to take our bank further please send us your resume to hr@eib.iq

CORPORATE GOVERNANCE

Corporate Governance is about maintaining the highest standards of integrity, transparency, and accountability. We maximize shareholder value while safeguarding and promoting the interests of other stakeholders and maintaining a steadfast commitment to ethics and code of conduct.

We are fully committed to achieving the highest standards of corporate governance through the strict application of its policies to ensure that business is conducted in a manner of transparency and fairness whilst remaining fully Shariah compliant.

Let's start something great together.