rasheedbank.gov.iq Providing Micro Loans Iraq : Rasheed Bank

Name of the Organization : Rasheed Bank
Type of Facility : Providing Micro Loans
Country : Iraq

Official Website : http://rasheedbank.gov.iq/

Providing Micro Loans :

It is one of the banking operations made by the Bank. It includes providing various sectors (private/state/mixed/cooperative) with cash and credit pledges, through which loans, micro loans and other banking facilities are made for the purpose of activating the country economic sectors.

Related : Rasheed Bank Iraq Saving Account Open : www.statusin.org/5645.html

It also includes opening various types of letters of credit and letters of guarantee for certain interests different according to the terms agreed on with the beneficiaries at various sectors. The Bank is making loaning and investment in the

Description of Services :
The requests are submitted by the beneficiaries to gain that service for various sectors. If the loan is making banking facilities (loans), this requires opening a current account that was opened at least three months ago. If it is a loan, a request is submitted, in which requested loan amount and its purpose are mentioned. The loan interest is different according to its term. This is made through the Bank branches all over the country,

Procedures :
Customer (applicant) official and other documents are requested, if it is a private-sector company. An authentication of issuance is gained. Same is done with IDs of chambers of commerce and Iraqi Industries’ Union or businessmen, and authentication of issuance of property documents submitted to the Bank. Those documents should be the recent ones, beside business licenses and other documents required from entities related to customer activity such as various institutions and bodies.

Required Document :
The legal framework of this activity is ruled by the contracts signed with customers of various sectors regarding interest, period and type of made facilities and regarding submitted commitments and according to applied laws and regulations issued by the Central Bank of Iraq and Law of Governmental Debt Collection (#56,1977), in case it is difficult for customers to pay obligations .

Legal Framework And Conditions :
Standard time of service is determined in the light of the requirements, submitted by customers, for the branch to process, finish and send the transaction to the Bank Head Quarters to determine making those facilities and decision levels based on amount of the facilities defined then.

Standard Time of Service :
Fees and interests are charged in the light of type of facilities made to the customer. So, overdraft current discount is different from interests resulted from loans and according to agreement terms made between both parties (the Bank and the customer) and type of sector.

About Us :
Al Rasheed Bank was established under Law No. (52) for the year 1988. It is subject to the Public Companies Law No. (22) for the year 1997 and on 4/12/2001 the capital of the Bank became two billion Iraqi Dinars.

The Rashid Bank aims to support the national economy through its functions, With the following :
1- Comprehensive commercial banking
2 – Investment of money at home and abroad
3. Financing all economic sectors according to development plans

4 – Providing banking services in the field of internal transactions of current accounts and savings and fixed deposits and grants advances and miscellaneous loans (in dinars and foreign currency) and credit facilities for individuals and companies.

Contact Us :
Al Rasheed Bank
General Administration
Al Rasheed District, Mahalat 110, Street 25
Pour. Postal Bab Al – Mu’amaz – Baghdad – Iraq
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