The Ledger

Al-Iraq Noor Islamic Bank for Investment & Finance

This page sets out what the record shows about Al-Iraq Noor Islamic Bank for Investment & Finance. It names the owners and managers, gives the dollars the bank bought from the Central Bank in the years whose records survive, lists the requests that the Central Bank refused and describes the action that regulators took against the bank.

مصرف العراق نور الإسلامي للاستثمار والتمويل

$1.2bn

bought from the Central Bank from 2012 to 2020, in the records that survive. This is a minimum.

Tier A

$40.6m

the value of the gap between the official and the market price on the dollars it bought, which went to whoever received the dollars

Tier B

Name, licence and status

Name in English: Al-Iraq Noor Islamic Bank for Investment & Finance
Name in Arabic: مصرف العراق نور الإسلامي للاستثمار والتمويل
Type: Islamic bank
Iraq Stock Exchange ticker: BINI
Established: 19 September 2016
Licence: No. 10531/8/9 of 4 July 2016
Regulatory measures: Barred from dollar dealing by the Central Bank (October 2019)
Website: www.inibiq.com
Securities Commission page: Iraq Securities Commissionisc.gov.iq

Ownership

The Iraq Securities Commission lists no significant holders; OCCRP (2024) reports Hassan Nasser Jaafar al-Lami and Hayder Jawad Hassan each hold "just under 10 percent". Chairman Raad Taha Amin (Iraq Securities Commission).

Political or armed-group links reported by sources

Barred late 2019 at Federal Reserve request over risk dollars would reach sanctioned persons (OCCRP); shareholders Hassan Nasser al-Lami and Hayder Jawad Hassan each "just under 10%" (OCCRP)
According to: OCCRP 2024Tier DOCCRP

Owners and managers

Being listed here records an ownership stake or a post at the bank. It is not an allegation. Next to each name is the exact legal status. Where the encyclopedia holds a record of the name, the status comes from that record. Otherwise it reads “Not charged as of the date of writing”.

Owners and managers
Name	Role	Share	As of	Legal status	Source
رعد طه امين	Chairman	Not stated	Not stated	Not charged as of the date of writing	Iraq Stock Exchange Iraq Securities Commission OCCRPCentral Bank of Iraq[1][2]
عبد الله يونس فرحان	Chairman	Not stated	28 May 2025	Not charged as of the date of writing	mubasher.info
هبه عدنان عمران	Vice-chairman	Not stated	30 September 2026	Not charged as of the date of writing	isc.gov.iq
رعد طه أمين	Vice-chairman	Not stated	28 May 2025	Not charged as of the date of writing	mubasher.info
Ghaith Qasim Shaker غيث قاسم شاكر	Managing director	Not stated	30 September 2026	Not charged as of the date of writing	isc.gov.iq
Huda Adel Shaker هدى عادل شاكر	Board member	Not stated	30 September 2026	Not charged as of the date of writing	isc.gov.iq
Ali Abdul Qader Ahmed علي عبد القادر أحمد	Board member	Not stated	30 September 2026	Not charged as of the date of writing	isc.gov.iq
Jaafar Abdulhadi Jaafar جعفر عبد الهادي جعفر	Board member	Not stated	30 September 2026	Not charged as of the date of writing	isc.gov.iq
هبة وليد عابد	Board member	Not stated	30 September 2026	Not charged as of the date of writing	isc.gov.iq
حيدر جواد حسن	Shareholder	9.90%	28 May 2025	Not charged as of the date of writing	mubasher.info
حسن ناصر جعفر اللامي	Shareholder	9.90%	28 May 2025	Accused in credible reporting	mubasher.info
بسام عدنان محمد	Shareholder	9.90%	28 May 2025	Not charged as of the date of writing	mubasher.info
محمد وشيار عبد الفتاح	Shareholder	9.90%	28 May 2025	Not charged as of the date of writing	mubasher.info
مصرف عبر العراق(company)	Shareholder	9.90%	28 May 2025	Not charged as of the date of writing	mubasher.info
غانم سعد غانم الصراف	Shareholder	7.82%	28 May 2025	Not charged as of the date of writing	mubasher.info
محمد ناجي علي كماش الربيعي	Shareholder	6.00%	28 May 2025	Not charged as of the date of writing	mubasher.info
اصيل حسن ناصر اللامي	Shareholder	5.31%	28 May 2025	Not charged as of the date of writing	mubasher.info

Dollars bought from the Central Bank

Dollars bought from the Central Bank, by year

In millions of dollars. Verified rows of the Central Bank's daily records.

Source: Central Bank of Iraq, daily records of the dollar sale, compiled from the verified rowsTier A

Dollars bought from the Central Bank
Year	Dollars bought	Cash	Transfers abroad	Share of the year's named sales	Refused	Value of the price gap
2016	$167.5m	$900,000	$166.6m	0.6%	Not stated	$14.2m
2017	$515.8m	$21.9m	$494m	2.6%	Not stated	$23.7m
2018	$6.4m	$0	$6.4m	4.0%	Not stated	$201,791
2019	$525.9m	$1.1m	$524.8m	4.6%	Not stated	$2.4m
Total	$1.2bn	$23.9m	$1.2bn		Not stated	$40.6m

Source: Central Bank of Iraq, daily records of the dollar sale, compiled from the verified rowsTier A

Source: the price gap is our calculation from the Central Bank's price and the market priceTier B

Share of the year's named sales: the bank's part of all the dollars that the surviving records attribute to a named bank in that year.

Refused: the requests that the Central Bank's committee turned down. Its minutes survive only from January 2013 to February 2015. An empty cell means that no minutes survive for that year. The yearly figures come from the yearly ledger. The figure at the top of the page comes from the committee's minutes. The two can differ.

What the Central Bank refused

The committee's surviving minutes, from January 2013 to February 2015, record no refusal for this bank.

Enforcement actions

30 October 2019Central Bank of Iraq
Barred from the currency window and from dealing in dollars
Against: Noor Iraq Islamic Bank for Investment & Finance
The Central Bank's list gives the effective date as 30 October 2019.
Current position: Listed as of 4 February 2024
Original

Sources

The documents behind this page, with the words quoted from each.

Iraq Stock ExchangeAccessed 25 September 2026Tier B
ISX company profiles (companyprofile.html) for 49 listed banks: establishing date, listing date, capital, managing director
e.g. BHAM مصرف حمورابي: تاريخ التأسيس 26/08/2020؛ تاريخ الإدراج 04/08/2024 | BTRI مصرف عبر العراق للاستثمار: تاريخ التأسيس 21/05/2006 | BLAD مصرف العطاء الاسلامي: تاريخ التأسيس 06/07/2006 | BBAY مصرف بابل: المدير المفوض احمد عباس احمد / الوصي
Iraq Securities CommissionAccessed 25 September 2026 (the page does not show the dates of disclosure)Tier B
Iraq Securities Commission (هيأة الأوراق المالية) listed-company pages: 'النسب المؤثرة' (significant shareholdings) and 'أعضاء مجلس الإدارة' (board) for banks
مصرف الاتحاد العراقي ... النسب المؤثرة: 1 عقيل مفتن خفيف البيضاني 13% ... 3 محمد مفتن خفيف البيضاني 13% | أعضاء مجلس الإدارة: عبد الكريم ابراهيم علي رئيس مجلس الادارة ...
Translation: Union Bank of Iraq ... Significant holdings: Aqeel Meften Khafeef al-Baidhani 13%; Mohammed Meften Khafeef al-Baidhani 13% | Board: Abdul Kareem Ibrahim Ali, chairman ...
OCCRP8 October 2024Tier D
Iraq’s Dollar Auction: The ‘Monster’ Funneling Billions to Fraudsters and Militants Through the U.S. Federal Reserve
The money released by the New York Fed to Al-Huda, nearly $6.5 billion over three years, was not paid to the suppliers ... Instead, it was funneled into the accounts of three exchange companies, including nearly $5.8 billion to an exchange company co-owned by Al-Huda’s owner, Hamad al-Moussawi. ... In 2018, Moussawi… Read the rest
was elected to Iraq’s parliament ... At least a million dollars ... ended up sent to UBI’s chairman, Fadhil al-Dabbas. ... Lami and Hassan also hold just under 10 percent each in Iraqi Noor Islamic Bank, which was barred from the dollar auction in late 2019 at the Federal Reserve’s request ... UBI ... was never barred from the dollar auction. But in 2018, it was put under the guardianship of Iraq’s central bank for “failure to meet financial obligations.”
(punctuation adjusted)
Original
Central Bank of IraqAccessed 25 September 2026Tier B
المصارف الاهلية المحلية (Private local banks: licence numbers/dates, managers, status marks)
الأقليم التجاري للاستثمار والتمويل ( اميرالد سابقا ) ... 408/3/9 2007/3/1 | الهدى ( ممنوع من التعامل بالدولار ) ... 136/3/9 2008/1/14 | مصرف بابل ( تصفية ) ( ممنوع من التعامل بالدولار ) ... المصفي، د.أحمد عباس أحمد | دار السلام للأستثمار ( حراسة قضائية ) | الشمال للتمويل والاستثمار ( وصاية ) | الطيف الإسلامي للإستثمار… Read the rest
والتمويل ( وصاية )( ممنوع من التعامل بالدولار ) | المال الإسلامي للإستثمار ( ممنوع من التعامل بالدولار ) ... 845/3/9 في 2018/12/9
(punctuation adjusted)
Translation: Region Trade Bank for Investment & Finance (formerly Emerald) ... licence 408/3/9 of 1 Mar 2007 | Al-Huda (barred from USD dealing) ... licence 136/3/9 of 14 Jan 2008 | Babylon Bank (liquidation) (barred from USD) ... liquidator Dr Ahmed Abbas Ahmed | Dar Es Salaam (judicial receivership) | North Bank (guardianship) | Al-Taif Islamic (guardianship)(barred from USD) | Al-Mal Islamic (barred from USD) ... licence 845/3/9 of 9 Dec 2018
Original
Central Bank of Iraq23 October 2025Tier A
النشرة الإحصائية السنوية / Annual Statistical Bulletin (2024 data; PDF created 23 Oct 2025), banks' establishment year, total assets, paid-up capital (pages 116 to 117) and ISX listing table (p.113)
Region Trade Bank for Investment 2007 1,051,981 300,000 مصرف الاقليم التجاري( اميرالد) | AL-Huda Bank 2008 412,604 250,000 | Erbil Bank 2010 | International Development Bank 2011 | Hammurabi Commercial Bank 2020 | Ur Islamic Bank 2018 334,815 250,000
Original