Rasheed Bank

What Rasheed Bank does

Rasheed Bank (مصرف الرشيد) is a government-owned commercial bank in Iraq, established in 1988 under Private Law No. 52 and subsequently governed by Public Companies Law No. 22 of 1997. It operates under the administrative supervision of the Ministry of Finance and the regulatory oversight of the Central Bank of Iraq, with financial monitoring by the Financial Supervision Board. Headquartered in Baghdad's Al-Rasheed district adjacent to the Central Bank complex, the bank runs 121 branches across all Iraqi governorates, making it one of the most widely distributed state-owned banks in the country. Its operating geography is exclusively domestic (Iraq).

The bank offers a comprehensive product portfolio spanning traditional retail and commercial banking — savings, current, and fixed deposit accounts, SWIFT-enabled bank transfers, documentary credits, guarantee letters, magnetic checks, and foreign currency exchange — alongside a diversified loan book that includes entrepreneurship initiative loans (IQD 20-100 million at 2% declining interest), car loans (IQD 30-60 million), marriage loans (IQD 10 million at 8%), commercial loans (8% declining, no ceiling), and investment project loans up to IQD 20 billion at 8% declining interest over 5-9 years. Its flagship digital initiative is the Aghsati installment purchasing service, an electronic POS-based offering that enables over 435,168 beneficiaries — including state employees, Ministry of Interior/Defense personnel, and 155,849 retirees — to buy goods at approved merchants with automatic salary deduction. Other digital offerings include the Nakhil electronic payment card system, the e-Dollar QR platform (edollar.rasheedbank.gov.iq), the Rasheed Bank mobile application on iOS and Android, an ATM network, and electronic salary/wage disbursement infrastructure.

Revenue is generated primarily through interest income on its loan portfolio, transaction fees and commissions on banking services (documentary credits, transfers, guarantee letters, magnetic checks), foreign exchange trading including dedicated Hajj dollar allocation at the official IQD 1,320/USD rate, deposit account fees, and agency fees earned from distributing government savings bonds (Inija, Construction, National series) on behalf of the Ministry of Finance and Central Bank of Iraq. Specialized subsidized lending programs — including Central Bank of Iraq-financed solar energy loans at 3% interest channeled through the Or platform — are funded by external CBI capital rather than the bank's own balance sheet. The bank's go-to-market combines direct-to-consumer distribution through its branch and ATM network with enterprise field sales for commercial and investment project lending, anchored by its state-mandated role as a primary salary disbursement bank for Iraqi government employees.

Name

Rasheed Bank

Legal name

Rasheed Bank (مصرف الرشيد)

Website

https://rasheedbank.gov.iq

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Rasheed Bank is an Iraqi government-owned commercial bank operating 121 branches across all Iraqi governorates, serving state employees, security forces, retirees, and businesses with deposits, loans, installment POS purchasing, foreign exchange, and government bond distribution under Central Bank of Iraq supervision.

Ownership category

akta.pro rank

Headquarters

HQ city

Baghdad

HQ country

Iraq

HQ region

Middle East

Offices19 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Loans: The bank generates revenue primarily through interest on various loan types including entrepreneurship loans (2% declining rate), car loans (up to 60 million IQD at declining annual interest), commercial loans (8% annual declining), and investment project loans (8% declining for projects up to IQD 20 billion).
2. Fee and Commission Income: Revenue from documentary credits (اعتمادات مستندية), bank transfers (حوالات مصرفية), guarantee letters (خطابات الضمان), magnetic check processing (صكوك ممغنطة), and other banking service fees.
3. Foreign Exchange Trading: Revenue from buying and selling US dollars and other foreign currencies, including dedicated Hajj dollar allocation services.
4. Deposit Account Fees: Revenue from current accounts (حساب جاري), savings accounts (حساب توفير), and fixed deposit accounts (حساب الودائع الثابتة).
5. Government Bond Distribution Services: The bank acts as an agent for the Ministry of Finance and Central Bank of Iraq, distributing government savings bonds (سندات إنجاز, سندات إعمار, سندات وطنية) and collecting semi-annual interest payments, earning distribution fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Rasheed Bank is an Iraqi government-owned commercial bank providing a full suite of retail and corporate banking products and services. Its core offerings include current/savings/fixed deposit accounts, multiple loan categories (entrepreneurship, car, marriage, commercial, investment project, and Central Bank-funded solar energy loans), trade finance instruments (documentary credits, guarantee letters, bank transfers, SWIFT), the 'Aghsati' (Aqsaqi) electronic installment-purchasing service at partner-merchant POS terminals, Hajj dollar allocation, government bond distribution, and electronic salary disbursement, all delivered through 121 branches across all Iraqi governorates supplemented by ATM, mobile app, and e-Dollar QR digital channels.

Product overview

Rasheed Bank is an Iraqi government commercial bank offering a comprehensive suite of banking products and digital services. The product portfolio includes traditional banking services (savings accounts, current accounts, fixed deposits), various loan products (entrepreneurship initiative loans, car loans, marriage loans, commercial loans, investment project loans), and an electronic installment service ('Aghsati'). Digital offerings encompass the e-Dollar QR platform, Rasheed Bank mobile application (App Store/Google Play), Nakhil electronic payment cards, ATM network, and electronic salary payment services. The bank operates approximately 121 branches across Iraqi governorates and provides services in Iraqi Dinar and USD.

Differentiator

Problem solved

Functional benefit

Brands

• Nakhil (نخيل): Electronic payment cards issued by the bank for customers and employees who receive their salaries through the bank.

Products and services

• Entrepreneurship Initiative Loans (قروض مبادرة ريادة) Small business and entrepreneurship loans for citizens, ranging from IQD 20 million to IQD 100 million, with a declining 2% annual interest rate and 10-year repayment period, supporting entrepreneurship and small enterprise development.
• Aghsati (Aqsaqi) Installment Service (خدمة أقساطي) Electronic installment purchasing service enabling beneficiaries to buy goods at approved merchant POS terminals with automatic salary deduction; covers state employees, security forces personnel, and retirees, reaching over 435,000 beneficiaries across multiple batches.
• Solar Energy Loans (قروض منظومات الطاقة المتجددة) Loans for purchasing solar energy systems (renewable energy packages) for citizens and employees, financed by the Central Bank of Iraq, up to IQD 30 million at 3% interest rate, applied through the Or platform.
• Car Loans (قروض سيارات) Vehicle financing for employees and citizens with loan amounts of IQD 30-60 million, repayable over 7 years with declining annual interest rates.
• Marriage Loans (سلف الزواج) Marriage advance loans for bank employees and state employees, providing IQD 10 million at 8% interest over 5 years, disbursed through bank branches.
• Commercial Loans (قروض تجارية) Business loans for individuals and companies with no specified ceiling, collateralized by commercial or residential real estate and machinery/equipment, with repayment periods of 1 to 5 years at 8% declining annual interest.
• Investment Project Loans (قروض مشاريع استثمارية) Investment project financing for investors holding Iraqi Investment License Authority licenses, with loans up to IQD 20 billion at 8% declining interest, repayable over 5 to 9 years.
• Banking Services (خدمات مصرفية) Core retail and corporate banking services including savings accounts, current accounts, fixed deposits, documentary credits (الاعتمادات المستندية), bank transfers (الحوالات المصرفية), magnetic checks (الصكوك الممغنطة), guarantee letters, SWIFT system (RDBAIQBB), and foreign currency exchange.
• e-Dollar QR Platform (منصه الدولار QR) Electronic dollar platform enabling QR code-based USD transactions for bank customers, accessible via edollar.rasheedbank.gov.iq.
• Rasheed Bank Mobile Application (تطبيق مصرف الرشيد) Mobile banking application available on App Store and Google Play, enabling customers to access banking services and employees to update their data per Central Bank of Iraq directives.
• Nakhil Electronic Payment Cards (بطاقات الدفع الإلكتروني - نخيل) Bank-issued electronic debit/payment cards for customers and staff who receive their salaries through Rasheed Bank, enabling cash withdrawals and electronic transactions.
• ATM Network (أجهزة الصراف الآلي)

Quantifiable outcome

• 435,168+ beneficiaries enrolled in the 'Aqsaqi' installment service across four batches, covering state employees, security forces personnel, and retirees
• +3 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Or Platform (منصة أور)coreTechnology or IntegrationThe 'Or' platform is the designated digital application platform through which citizens apply for Central Bank-funded solar energy loans offered by Rasheed Bank. The bank directs loan applicants to apply through the Or platform, which serves as the application processing gateway.
• Iraqi Investment License Authority (هيئة الاستثمار)minorImplementation/ SI/ Consulting PartnerFor investment project loans exceeding IQD 20 billion, borrowers must obtain an investment license from the Iraqi Investment License Authority and approvals from relevant government departments. The bank requires these licenses as a condition for granting large-scale investment project loans.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• National Bank of Iraq: Iraqi private commercial bank providing retail and corporate banking, with international correspondent relationships via Bank of Kuwait. Directly comparable as a competitor for Iraqi retail deposits and SME/commercial lending.
• Rafidain Bank: Iraq's other major state-owned commercial bank, also supervised by the Central Bank of Iraq and Ministry of Finance. Operates a similarly large branch network serving government employees, retirees, and corporate clients across Iraq.
• Ashur International Bank: Iraqi private bank providing retail deposits, consumer loans, and trade finance. Comparable as a domestic competitor targeting similar corporate and retail customers with overlapping product lines.
• Middle East Bank (Iraq): Iraqi commercial bank focused on corporate banking, trade finance, and treasury services. Comparable as a competitor for Iraqi corporate deposits and working-capital financing.
• Bank of Baghdad: One of Iraq's largest private commercial banks, offering deposits, consumer loans, and corporate banking services across Iraqi governorates. Comparable as a domestic commercial bank competing for the same retail and corporate customers.
• Investment Bank of Iraq: Iraqi private commercial bank providing retail and corporate banking services. Comparable as a domestic competitor for deposits, SME lending, and project finance customers.
• Trade Bank of Iraq (TBI): Iraqi state-owned bank focused on trade finance, documentary credits, and letters of guarantee, with deep relationships with the Central Bank of Iraq. Comparable as a state-owned Iraqi commercial banking franchise with similar regulatory dependencies.
• Gulf Commercial Bank (Iraq): Iraqi commercial bank offering full-service retail and corporate banking with significant branch presence in Baghdad and southern governorates. Comparable in product mix and target customer segments to Rasheed Bank's commercial and retail franchise.

Regional players

• Byblos Bank (Iraq operations): Lebanese-headquartered bank with Iraqi branch operations serving corporate and high-net-worth clients. Comparable as a foreign-affiliated bank competing for Iraqi corporate banking and trade finance.

Broad incumbents

• Central Bank of Iraq: Iraq's monetary authority, which supervises Rasheed Bank, funds its subsidized loan programs, and designates it as an agent for bond distribution and Hajj dollar sales. Not a direct competitor but the dominant institutional counterparty shaping Rasheed Bank's product economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/itdivision3
• YouTubeyoutube.com/@مصرفالراشد
• Facebookfacebook.com/RasheedBank
• LinkedInlinkedin.com/company/alrasheed-bank
• Instagraminstagram.com/rasheed.bank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rasheed Bank