The Central Bank of Iraq has initiated the project of financing small and medium projects according to their book No. 9/3/194 on 6/7/2015
First: The banks grant the owners of small and medium-sized projects financing according to the instructions of the Central Bank of Iraq, and the distribution of commissions and according to the amount of financing
A- The percentage of commissions collected from the customer up to 20 million is as follows:
– (2.9 percent) the total commission received by the bank, and the percentages determined in the content of this study are approved
B – The commission collected from the customer is more than 20 million as follows: –
– (3.4 percent) the commission of the bank
Second: The upper limit of the financing amount (50) million dinars for a period of five years.
Third: The Central Bank of Iraq has the authority to agree to grant a loan amount of (100) million dinars for a period of five years.
Fourth: Guarantees accept personal guarantee, mortgage of real estate, a guarantee of golden deeds, and mortgage of shares according to the following: –
1- The personal guarantee for a loan guarantee shall be accepted, not exceeding the amount of (10) million dinars, provided that it is on the sponsorship of government employees or employees belonging to well-known private companies, and their salaries are twice the amount of the monthly installment of the loan.
2- The Golden Guarantees guarantee accepts the gold coins guarantee
3- Mortgage of the real estate: Loans are granted against the first-degree mortgage, and a mortgage bond is obtained from the relevant real estate registration department before the financing is granted.
Fifth: Loans shall be granted for industrial, agricultural, service projects, crafts, and small occupations, provided that the purpose of the financing corresponds to the study prepared by.
Sixth: All branches of the bank grant these loans according to the controls listed below, the branches’ task is to study the loans submitted to them and submit them to the General Administration (Credit Department) for the purpose of approval.
Seventh: The contents of the customer file:
1- The documentary documents of the borrower that include the civil status ID, the nationality certificate, the ration card if available, the housing card, and the identity of the Chamber of Commerce and the Chamber of Industry if any
2- A properly completed bank financing application form
3- The electronic form issued by the website for the Presidency of the Council of Ministers
4- Pictures of the project.
5- A written request from the customer regarding the amount and duration of the financing
6- A lease contract for a business or a title deed for the work site
7- The guarantee and its type provided that it meets the legal conditions for which it was issued.
8- Any other documents submitted with the finance for the purpose of studying it and support its financial efficiencies, such as real estate registration documents, financial statements, statements with other banks, and others.
Eighth: Guarantee procedures
Gold mortgage pledge guarantee: The bank agrees to the gold mortgage and alloy guarantee provided by the customer or his guarantor
When the property is mortgaged, the client provides a recent bond copy of the property, free of physical signs (whether the property belongs to the borrower or belongs to another person)
Personal Guarantee The personal guarantee is accepted for loan guarantees that are not more than (10) million dinars, provided that it is on the sponsorship of one or more employees in the government sector
Ninth: Murabaha for supplying solar energy systems
A citizen can obtain a profit for the purpose of obtaining a solar energy system according to the following:
1- The categories covered by these murabahah are the categories that are financed through the initiative of the Central Bank of Iraq for small and medium enterprises and personal murabaha that finance homes and personal use.
2- Procedures for granting murabaha are as follows:
A- The citizen chooses the type of system that suits his personal need at work or home through the bank’s website and submits his request to the bank and adheres to the controls referred to in these instructions for the purpose of granting him murabahah.
B – The bank shall carry out the procedures for granting the murabahah and notify the company to prepare the system for the customer, then record the amount of the system in the company’s account
3- The customer continues to pay the monthly installments of the murabaha until the full amount of the murabaha is paid.
Tenth: – The financing period for all types of projects does not exceed 48 months (four years)
Note: Commercial projects are not included in the financing (for example, shops selling clothes, markets, selling mobile phones and spare parts)
1. The loaner identification documents.
2. Baghdad Chamber of Commerce ID, or the federation of chambers of industries ID, if available.
3. The electronic form from the website of the loan of the Council of Ministers that is funded from the Central Bank of Iraq. The bank employee has to organize the applications and issues the form.
4. Filling the form of the banking facilities application with the correct information and signed from the credit manager, the specialized employee, and the branch manager.
5. The project under construction pictures.
6. The store lease contract or the location ownership bond.
7. Providing guarantees such as the bill of the loan amount after verifying all legal conditions from (the loaner department confirmation letter, or estate bond).
8. Written application of the loan amount and period.
9. Providing a feasibility survey of the funded project.
10. The municipality council confirmation letter affirming the project’s existence.
11. Funding the other productive projects like (purchasing the productive cars, taxis, and pick-up) should be subjected to the feasibility survey.
For more details, you can visit one of our branches and talk to the concerned employee or call the number 6070.