The Ledger

Dar Es Salaam Investment Bank

This page sets out what the record shows about Dar Es Salaam Investment Bank. 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 دار السلام للاستثمار

$280.2m

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

Tier A

$54.1m

asked for but refused by the Central Bank's committee from January 2013 to February 2015

Tier A

$11.6m

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: Dar Es Salaam Investment Bank
Name in Arabic: مصرف دار السلام للاستثمار
Type: Private commercial bank
Iraq Stock Exchange ticker: BDSI
Established: 7 December 1998
Licence: No. ص.أ/9/3/238 of 6 April 1999
Regulatory measures: Under judicial receivership (Central Bank list)
Website: www.desiraq.com
Securities Commission page: Iraq Securities Commissionisc.gov.iq

Ownership

The Iraq Securities Commission page names no shareholder with about 10 per cent or more. The shareholder tables of the annual reports are not yet in the record.

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
Hazem Mohamed Mahmoud حازم محمد محمود	Managing director	Not stated	30 September 2026	Not charged as of the date of writing	isc.gov.iq
زينة مصطفى	Managing director	Not stated	30 September 2026	Not charged as of the date of writing	cbi.iq
HSBC Asia Holdings BV (wholly owned subsidiary of HSBC Holdings plc)(company)	Shareholder	70.1%	31 December 2012	Not charged as of the date of writing	hsbc.com
Asad Khudairy Group (Iraq)(company)	Shareholder	Not stated	21 April 2013	Not charged as of the date of writing	meed.com

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
2012	$4m	$4m	$0	1.5%	Not stated	$70,000
2013	$130.8m	$127.6m	$3.2m	0.3%	$24.8m	$6.5m
2014	$89m	$89m	$0	0.3%	$29.1m	$2.1m
2015	$19.4m	$0	$19.4m	0.1%	$0	$1.2m
2017	$36.5m	$2.9m	$33.6m	0.2%	Not stated	$1.7m
2019	$480,000	$480,000	$0	0.0%	Not stated	$2,715
Total	$280.2m	$223.9m	$56.2m		$53.9m	$11.6m

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

From January 2013 to February 2015 the Central Bank's committee recorded, day by day, which requests for dollars it turned down and why. Its minutes record 36 occasions on which the committee refused all or part of a request by this bank. On those occasions the bank asked for $138.2 million, and $54.1 million of it was refused.

The largest refusals

The largest refusals
Date	Asked for	Refused	The reason, as the committee wrote it	Category
6 June 2013	$8m	$4m	حسب طلب المصرف المرفق نسخة منه طيا المرقم 2427 في 6/6/2013	At the bank's request
10 September 2013	$4m	$4m	1. شركة العامر(بناء على طلب المديرية العامة للصيرفة والانتمان) 2. جنة الاسعار (لعدم تشابه اسم المدير المفوض في كتاب طلب الشراء وكتاب المديرية (punctuation adjusted)	Missing or defective documents; Penalty on, or suspension of, the bank
24 September 2013	$4m	$4m	عدم ادراج إسم الام فس كشوفات البيع المقدمة رغم تبليغ المصارف بذلك مسبق	Missing or defective documents
8 October 2013	$4m	$4m	عدم حصول المصرف على موافقة المديرية العامة لمراقبة الصيرفة والانتمان على تعيد المديرية العامة لمراقبة الصيرفة والانتمان	Other
29 October 2013	$4m	$4m	تقديم المعاملة في نفس يوم المزاد	Other
date unreadable	$4m	$4m	تن المعاملة من اليل العدي الار	Other
7 January 2014	$4m	$4m	استيط بالكامل	Other
date unreadable	$4m	$4m	ال الثاا، رم ال، راء المص	Other
4 February 2014	$4m	$4m	Not stated	Not stated or unreadable
16 March 2014	$4m	$4m	Not stated	Not stated or unreadable
date unreadable	$4m	$4m	لتقديمه ايداعات طلب الشراء في 2014/03/18 مخاف لتعليمات 588 في	Other
17 May 2014	$4m	$4m	Not stated	Not stated or unreadable

Each reason is quoted in Arabic, in the committee's words. Where a reason is marked “punctuation adjusted”, only its punctuation was changed. The category is ours.

Source: Central Bank of Iraq, daily minutes of the committee that ran the dollar sale, from January 2013 to February 2015Tier A

All the refusals, day by day

Enforcement actions

No enforcement action against this bank is recorded here.

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 ...
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