Ashur Bank

What Ashur Bank does

Ashur Bank, officially Ashur International Bank for Investment, is a Baghdad-headquartered, CBI-licensed Iraqi commercial bank founded in 2005. It operates 11 branches and 76 ATMs across 9 Iraqi cities spanning the Kurdistan Region (Erbil, Sulaymaniyah) and central/southern Iraq (Baghdad, Basra, Karbala, Mosul, Kirkuk, Tikrit, Hilla). The bank serves retail consumers, SMEs, corporates, and government employees via salary card programs, with Al-Rafidain Bank holding a 13% strategic stake. Its product suite spans current and savings accounts, term deposits, personal and government-backed loans, SME and corporate credit facilities, and a MasterCard-branded card portfolio (debit, credit, prepaid WiAna, World Elite, gift cards). Distribution combines the physical branch network with the Ashur Konnekt mobile app (iOS/Android) and an internet banking platform, supplemented by a network of ATMs in airports, malls, and commercial zones.

The business model is a regulated, multi-stream banking P&L: net interest income from lending (personal, government employee, SME, corporate), fee and commission income from transfers (SWIFT, USD/AED) and account services, and card interchange and transaction revenue from MasterCard network activity. Pricing is administered by the Central Bank of Iraq — current SWIFT fees are $50 (reduced from $80), USD and AED transfer commissions are 0.004 (reduced from 0.008), and the CBI platform rate is 10 dinars per dollar. The bank's go-to-market is sales-led, leveraging the branch and ATM footprint for retail and SME acquisition, while participating in CBI-led programs (salary card x2, Financial Inclusion Week with 35 exhibitions, direct dollar sales for travelers) for institutional volume. Technology architecture centers on the MasterCard-integrated digital banking stack with contactless and 3D-Secure capabilities, though no AI/ML differentiation is evident.

Ashur Bank's strategic posture emphasizes regulatory alignment, geographic coverage of underserved Iraqi provinces, and gradual product expansion (Trader Account for merchants, premium World Elite cards, university campus partnerships). Recent activity includes a deepening relationship with the Iraqi-Saudi Business Council and Saudi Export-Import Bank to anchor cross-border trade finance, alongside governance upgrades via a Talal Abu Ghazaleh & Partners external audit engagement. The bank is listed on the Iraq Stock Exchange under ISX:BASH following a 2013 IPO-driven capital increase targeting 210 billion Iraqi dinars in total capital.

Name

Ashur Bank

Legal name

Ashur International Bank for Investment

Website

https://ashurbank.iq

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Ashur Bank is a CBI-licensed Iraqi commercial bank offering retail, SME, and corporate banking services across 11 branches and 76 ATMs in 9 Iraqi cities, with a MasterCard-integrated digital platform and Ashur Konnekt mobile app.

Ownership category

akta.pro rank

Headquarters

HQ city

Baghdad

HQ country

Iraq

HQ region

Middle East

Offices9 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: Traditional banking interest income from loans and credit facilities provided to retail and corporate customers
2. Banking Fees and Commissions: Fees charged for services including SWIFT transfers ($50 current), dollar transfers (0.004), dirham transfers (0.004), and other banking services
3. Card Services: Revenue from debit, credit, and prepaid card operations including transaction fees and annual charges
4. Corporate Banking Services: Fees from commercial services, letters of credit, corporate loans, and overdraft facilities for business customers

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Ashur Bank is a Central Bank of Iraq-licensed financial institution that provides retail and corporate banking services through 11 branches and 76 ATMs across 9 Iraqi cities. Its offerings span current/savings/term deposit accounts, personal and SME loans, MasterCard-branded debit/credit/prepaid cards, domestic and international bank transfers, corporate overdraft facilities, merchant POS services, and the Ashur Konnekt mobile banking application plus an Internet/E-Banking platform.

Product overview

Ashur Bank operates as a comprehensive retail and corporate banking institution in Iraq, offering a unified multi-channel banking platform with both traditional branch services and digital banking capabilities. The product portfolio centers around Ashur Konnekt (mobile banking app) as the primary digital channel, complemented by Internet/E-Banking platform. Retail offerings include current accounts (A Current Account), savings products (Savings Account, Term Deposits, Ashur Saghiron), and diverse lending solutions (Government Employee Loans, Personal Loans, Company Loans, SME Project Loans). The card suite features MasterCard-based Debit Card, Credit Card with 4-year validity and contactless capability, WiAna Prepaid Card, World Elite premium cards, and Prepaid Gift Card. Corporate banking encompasses SME Loans, Overdraft facilities, Corporate Loans, and Commercial Services including the Trader Account (حساب التاجر) for merchant services. Supporting digital tools include Deposit and Loan calculators. The bank maintains 11 branches and 76 ATMs across Iraqi provinces, with services governed by Central Bank of Iraq regulations including AML compliance frameworks.

Differentiator

Problem solved

Functional benefit

Products and services

• Ashur Konnekt Mobile Banking App Mobile banking application available on iOS and Android that allows customers to access financial details, perform instant transactions, make worldwide payments, manage savings accounts, and conduct banking operations on the go.
• Internet Banking (E-Banking) Online banking platform that lets customers manage accounts, view balances, review transaction history, and execute banking services through a web browser.
• A Current Account Standard current account for everyday banking needs with access to a range of banking services and transactions.
• Savings Account Savings account that helps customers save funds and earn returns on deposits.
• Term Deposits Account Fixed-term time deposit account offering competitive interest rates over a defined tenor.
• Ashur Saghiron Account Specialized savings/investment account product offered for specific customer goals.
• Loans for Government Employees Personal loan facility tailored for government employees, with salary-backed terms and conditions.
• Personal Loans General-purpose personal loan facility for financing individual needs.
• Company Loans Business loans for companies to finance operational needs and growth initiatives.
• Small and Medium Enterprises Loans Dedicated financing solutions for small and medium-sized enterprises across sectors, with terms tailored to enterprise requirements.
• Bank Transfer Service Domestic and international bank transfer service, including SWIFT transfers, executed at regulated commission rates.
• MasterCard Debit Card Immediate-issue debit card linked to the MasterCard network for ATM withdrawals, POS purchases, and online shopping, with secure transactions and fraud protection.
• Credit Card Credit facility card valid for 4 years supporting ATM cash withdrawals, POS purchases, and online shopping, with contactless technology and 3D Secure authentication.
• WiAna Prepaid Card Prepaid card providing convenient fund access for everyday purchases with ATM cash withdrawal capability, expense tracking, and no interest or debt accumulation.
• World Elite Cards Premium credit card targeting high-net-worth customers with exclusive benefits, rewards programs, and elite banking services.
• Prepaid Gift Card Non-reloadable prepaid card issued across Ashur Bank branches for flexible, secure online shopping with 3D Secure protection.
• Overdraft Facility Flexible overdraft credit facility for corporate and business clients to support working capital needs and short-term financing requirements.
• Corporate Loans Tailored loan solutions for corporate clients supporting business growth and operational financing.
• Commercial Services Corporate finance offerings including merchant services, trade finance, and tailored business banking solutions.
• Trader Account (حساب التاجر) Merchant account product for traders and business owners that supports point-of-sale (POS) usage and provides banking services to the business community.

Quantifiable outcome

• 11 branches serving customers across Iraq
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Talal Abu Ghazaleh GroupcoreImplementation/ SI/ Consulting PartnerAshur Bank contracted Talal Abu Ghazaleh & Partners for external audit services on quality systems and governance. This partnership supports Central Bank of Iraq compliance requirements for quality system implementation.
• Central Bank of IraqcoreOthersRegulatory oversight and partnership in financial inclusion initiatives. The bank operates under Central Bank licensing and supervision, participating in initiatives like salary disbursement programs and financial inclusion weeks.
• Iraqi Private Banks AssociationcoreOthersAshur Bank is an active member participating in association activities, training programs, and industry conferences. The bank received TOT (Train the Trainer) certification through the association.
• University of MosulminorStrategic or Co-development PartnerPartnership for salary card distribution and ATM installation inside university campus, supporting financial inclusion and electronic payment adoption in the education sector.
• Central Bank of Iraq - Sulaymaniyah BranchcoreOthersPartnership for salary card program (x2) to facilitate salary disbursement for government employees and private sector workers in Sulaymaniyah region.
• Arab Banks UnioncoreOthersAshur Bank participates in Arab Banks Union conferences addressing international compliance and correspondent banking requirements, supporting relationships with Arab and foreign banks.
• Central Bank of Iraq - Dollar Sales InitiativecoreOthersParticipation in Central Bank initiative for direct dollar sales to travelers, with the Governor visiting Ashur Bank to review progress.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• National Bank of Iraq: Iraqi private commercial bank with retail and corporate offerings and domestic branch network; comparable in scale, product set, and target segments to Ashur Bank.
• Union Bank of Iraq: Privately held Iraqi commercial bank focused on retail deposits, SME, and corporate lending; peer in domestic Iraqi banking with overlapping branch-based distribution.
• Bank of Baghdad: Iraqi private-sector commercial bank offering retail deposits, lending, and card services with multi-city branch coverage; closely overlaps with Ashur in product mix and Iraqi retail/corporate target market.
• Cihan Bank for Investment & Development: Iraqi private investment/commercial bank offering deposits, lending, cards, and digital banking; highly comparable in product portfolio and domestic positioning.
• Iraqi Gulf Commercial Bank: Iraqi private bank delivering retail and corporate services across multiple governorates; directly comparable in CBI-licensed commercial banking product suite.
• Commercial Bank of Iraq (cbi): Listed Iraqi commercial bank providing retail and corporate banking, cards, and trade finance; directly comparable mid-sized private peer competing for the same Iraqi customer wallets.

Broad incumbents

• Trade Bank of Iraq: State-owned Iraqi bank focused on trade finance and corporate banking; established broader incumbent whose corporate and trade-related services compete with Ashur's commercial services line.
• Al-Rafidain Bank: Largest state-owned Iraqi commercial bank and a 13% shareholder in Ashur; defines the upper-bound incumbent in Iraqi banking with universal retail, corporate, and government salary distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ashur_bank
• Facebookfacebook.com/AshurBank
• LinkedInlinkedin.com/company/ashurbank
• Instagraminstagram.com/AshurBank

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

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 Ashur Bank