Rafidain Bank

Rafidain Bank (Arabic: مصرف الرافدين‎) is the largest bank in Iraq, with 165 inside Iraq and with in Cairo, Beirut, Abu Dhabi, Bahrain, Sana'a, Amman and Jabal Amman.

Its HQ is in central Baghdad.

The bank was established in 1941 and in the 1960s in a wave of Ba'ath nationalisation became a bank.

In 1988, the Rafidain's non-performing assets were carved out into the Rasheed Bank.

Before the First Gulf , Rafidain Bank “was the Arab world's largest commercial bank with total assets of USD 47 billion.”.

The Bank was very badly damaged by the first Gulf and the sanctions against Iraq.

These sanctions were behind the closure of Rafidain's London Branch in 1990.

During the second Gulf , the bank was again badly hit.

It is estimated that around a third of Rafidain's were destroyed during the second Gulf and that the bank lost around $300m USD through looting.

Today, Rafidain Bank has around 45% of banking assets in Iraq.

In 2007, Bayan Jabor, the Iraqi Minister of , signed a contract with British companies B-Plan Information Systems and Misys to rebuild the bank, in a turnkey contract to supply a core banking , , systems, and training to Rafidain Staff, across all inside and outside Iraq.

This project will cover basic retail banking and but advanced banking functions such as ATM networks, Card Management and banking will be considered by the Ministry of in later stages.

This project will represent the first commercial bank in Iraq to work on a modern electronic banking and should be completed by the end of 2009.

Last Updated on 3 years by pinc