People & Institutions
Al-Janoob Islamic Bank for Investment and Finance
Investment licence of the National Investment Commission, for the project: Automation of the work of the water and sewerage directorates.
مصرف الجنوب الإسلامي
Legal status
Disciplined by an official body
The Central Bank of Iraq listed the bank (code BIQ062/2) among institutions barred from the foreign-currency window and from US-dollar dealing, with the date 29 January 2024. Reuters reported on 4 February 2024 that the eight banks were barred to reduce fraud, money laundering and other illegal uses of US currency. The CBI's amended list of USD restricted banks, published in February 2026, still names the bank with the same date. On 18 July 2026 the CBI said seven restricted banks were eligible to return to non-US-dollar correspondent channels and could later regain the right to deal in dollars. The CBI statement names no bank. Iraqi News reported that Al-Janoub Islamic Bank was among the seven. Peregraf said it could not find a CBI statement naming them. Legal sources told Al-Monitor there are no US sanctions on the bank, and the bank does not appear on the OFAC SDN list checked on 5 October 2026. No court case or Integrity Commission finding found. The search of public sources is not complete. Status as of 18 July 2026.
The search of public sources on this licensee is not yet complete.
The licence as listed
The list of licensed projects of the National Investment Commission.
- Licensing body
- National Investment Commission
- Licence number
- 337/2020
- Date of grant
- 28 January 2020
- Sector
- Services
- Project
- Automation of the work of the water and sewerage directoratesأتمته عمل مديريات الماء والمجاري
- Licensee
- مصرف الجنوب الإسلامي (Iraqi)
- Province
- Several provinces
- Location
- المحافظات كافة عدا إقليم كردستان
- Stated cost
- $131.1 millionThe list gives the cost in dinars. It is converted here at 1,190 dinars to the dollar.
- State of the project
- Not reported
Who is behind the licensee
bank (private Islamic bank, Iraq Stock Exchange ticker BJAB)
| Name | Role | Legal status | Source |
|---|---|---|---|
Ali Falih Kadhim al-Zaidi علي فالح كاظم الزيدي | Former chairman of the board. Al Jazeera says he chaired the board in the past ('سابقا'), and Shafaq News says he previously chaired it. Al-Monitor cites Shafaq and Kurdistan 24 for this. Peregraf says he chaired it until 2019. Asharq Al-Awsat says he left the… Read the restchairmanship and gave it to one of his brothers after February 2024. The New York Times, as cited by Al-Monitor, called him the bank's owner, and Asharq Al-Awsat called him its owner and board chairman. The ISX company profile mirrored by Mubasher (undated) lists a 9.90% shareholder named 'على فالح كاظم'. This name matches his first three names, but the listing does not identify him further. He was asked to form a government on 27 April 2026 (Al Jazeera). Parliament gave his government a vote of confidence on 14 May 2026 (Asharq Al-Awsat, 15 May 2026), and he has served as prime minister since then. | Not charged as of the date of writingNot charged as of the date of writing. No charge, court case, Integrity Commission finding or personal sanctions designation found. Legal sources told Al-Monitor there are no US sanctions on the bank… Read the restor on him. Shafaq News said no publicly available information confirms he is personally on US sanctions lists. His name does not appear on the OFAC SDN list checked on 5 Oct 2026. Status as of 5 October 2026. | al-monitor.com |
Mahmoud Mohammed Mahmoud Dagher al-Kinani محمود محمد محمود داغر الكناني | Chairman of the board (ISX company profile mirrored by Mubasher, undated, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | mubasher.info |
Zuhair Abdul-Karim Jabbar زهير عبد الكريم جبار | Vice chairman (ISX company profile mirrored by Mubasher, undated, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | mubasher.info |
Udai Saadi al-Jubouri عدي سعدي الجبوري | Managing director (العضو المنتدب) (ISX company profile mirrored by Mubasher, undated, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | mubasher.info |
Bassam Dhiab al-Bitar بسام ذياب البيطار | Manager, listed as 'مدير' in the column 'المدير العام والمعاون' (Central Bank of Iraq directory of licensed banks, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | cbi.iq |
Ayman Hussein Jadallah ايمن حسين جاد الله | Assistant manager, listed as 'م.مدير' in the column 'المدير العام والمعاون' (Central Bank of Iraq directory of licensed banks, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | cbi.iq |
Hassan Falih Kadhim حسن فالح كاظم | Major shareholder, 9.90% (ISX company profile mirrored by Mubasher, undated, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | mubasher.info |
Raed Hassan Abbas رائد حسن عباس | Major shareholder, 9.90% (ISX company profile mirrored by Mubasher, undated, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | mubasher.info |
Rasha Ali Hassoun رشا علي حسون | Major shareholder, 9.672% (ISX company profile mirrored by Mubasher, undated, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | mubasher.info |
Huda Shaghati Kadhim هدى شغاتي كاظم | Major shareholder, 9.36% (ISX company profile mirrored by Mubasher, undated, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | mubasher.info |
Sundus Shaghati Kadhim سندس شغاتي كاظم | Major shareholder, 9.36% (ISX company profile mirrored by Mubasher, undated, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | mubasher.info |
Yousef Hassan Falih يوسف حسن فالح | Major shareholder, 6.17% (ISX company profile mirrored by Mubasher, undated, accessed 5 Oct 2026) | Not charged as of the date of writing Not charged as of the date of writing. Status as of 5 October 2026. | mubasher.info |
Links stated in published sources
Each link is attributed to its source. A stated link is not a finding of wrongdoing.
Ali Falih Kadhim al-Zaidi, named Iraq's prime minister-designate in April 2026, previously chaired the bank's board according to Shafaq and Kurdistan24 (as cited by Al-Monitor); The New York Times, as cited by Al-Monitor, described him as the bank's owner.
The New York Times described Zaidi as the owner of the Al-Janoob Islamic Bank, one of the largest private banks in Iraq, while local outlets Shafaq and Kurdistan 24 reported he previously chaired its board.
Asharq Al-Awsat reported that al-Zaidi owned the bank and chaired its board. It said he left the chairmanship and gave the post to one of his brothers after the US State Department put the bank on a sanctions list in February 2024 on money-laundering charges. Citing informed sources, it said this led the Central Bank of Iraq to stop the bank's access to US dollars. This account of a US listing is not confirmed. The CBI's own list dates its ban on US-dollar dealing to 29 January 2024. The bank does not appear on the OFAC SDN list checked on 5 October 2026, and legal sources told Al-Monitor there are no US sanctions on the bank.
قبل أن يخرج من رئاسة مجلس الإدارة ويسند المنصب إلى أحد إخوته عقب وضع المصرف على لائحة العقوبات من قبل وزارة الخارجية الأميركية في فبراير (شباط) 2024، بتهم غسل أموال؛ الأمر الذي اضطر «البنك المركزي العراقي» إلى منع وصول الدولار الأميركي إلى مصرفه، وفق مصادر مطلعة
Legal sources told Al-Monitor that the 2024 block was due to the risks associated with the bank's ownership, and that an independent review found no evidence of any direct outflow of funds from the bank to malign actors.
Legal sources familiar with the issue told Al-Monitor that there are no US sanctions on either Al-Janoob Islamic Bank or Zaidi. The sources said that the block was 'due to the risks associated with Al Janoob's ownership,' adding that an independent review found no evidence of any direct outflow of funds from the bank to malign actors.
What official and press reports say
- Official findings
- Central Bank of Iraq: the bank appears on the CBI list of institutions barred from US-dollar dealing with the date 29/1/2024 (Reuters, 4 Feb 2024: eight banks barred to reduce fraud, money laundering and other illegal uses of US currency). The CBI's amended list of USD restricted banks of February 2026 still includes it with the same date. CBI statement of 18 Jul 2026: seven restricted banks are eligible to return to non-US-dollar correspondent channels, with the right to deal in dollars later. The statement names no bank. Iraqi News reported Al-Janoub Islamic Bank among the seven, while Peregraf said it could not find a CBI statement naming them. No Integrity Commission, audit-bureau, parliamentary or court finding was found. Neither the bank nor Ali Falih Kadhim al-Zaidi appears on the OFAC SDN list (checked 5 Oct 2026). Asharq Al-Awsat's description of a US State Department sanctions listing is not supported by the CBI record, the OFAC list or the other reports reviewed (Al-Monitor: no US sanctions).
- What became of the project
- Not established. No public report on the implementation of NIC licence 337/2020 (automation of the work of water and sewerage directorates in all provinces except the Kurdistan Region, IQD 156,000,000,000) was found; the NIC list marks completion '?' and records no obstacle.
- Other contracts with the state
- No other government contract or licence held by the bank was found in the sources reviewed. Holdings reported for its former chairman and reported owner Ali al-Zaidi: Asharq Al-Awsat (28 Apr 2026, updated 5 Aug 2026) names the Al-Awees group, which its website says has 15 companies, Al-Shaab private university, the Ishtar medical institute and the Dijlah satellite channel. The same report says the Al-Awees company signed partnership contracts with the state General Company for Foodstuff Trading to feed the Iraqi army (41 items, 300,000 beneficiaries) and to supply 7 food items of the ration basket for 40 million people. Shafaq News (28 Apr 2026) says his name is linked through business ties to Al-Awees, which it describes as a known supplier of the food basket under contracts with the Ministry of Trade. Al-Monitor (28 Apr 2026), citing Iraqi media, says he owns the Taawon hypermarkets, the Al Awees holding company and Dijlah TV. Al Jazeera (28 Apr 2026) says he chaired the boards of the National Holding Company, Al-Shaab University and the Ishtar Medical Institute.
Sources
- قائمة المحرومين من التعامل بعملة الدولار الأمريكي, Central Bank of Iraq Tier A
مصرف الجنوب الإسلامي للاستثمار | Al Janoob Islamic Bank | BIQ062/2 | بغداد | Baghdad | 29 | 1 | 2024
- USD Restricted Banks (amended list), Central Bank of Iraq Tier A
(USD Restricted Banks) … Al Janoob Islamic Bank BIQ062/2 … Baghdad 29 1 2024
- Iraq bans 8 local banks from US dollar transactions, LBCI (Reuters report), 4 February 2024 Tier D
Iraq has banned eight local commercial banks from engaging in US dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of US currency … Al Janoob Islamic Bank for Investment and Finance
- محافظ البنك المركزي العراقي: إعادة دمج سبعة بنوك في النظام المالي العالمي, Central Bank of Iraq, 18 July 2026 Tier A
هنالك (سبعة مصارف) مؤهلة حاليا للعودة للعمل ضمن قناة المراسلة المصرفية الخارجية غير المرتبطة بالدولار ( العملات الاخرى ) وليكون لها الحق لاحقا بالتعامل بالدولار الامريكي
- Seven Iraqi banks under US restrictions cleared for return to international banking, Iraqi News, 18 July 2026 Tier D
The Central Bank of Iraq identified the banks … Al-Janoub Islamic Bank … as eligible to resume correspondent banking relationships under an agreement reached with the US Treasury.
- Meet Ali al-Zaidi, businessman and Iraq's new prime minister-designate, Al-Monitor (Adam Lucente), 28 April 2026 Tier D
In early 2024, the institution and seven others were barred by the Iraqi Central Bank from making US dollar transactions in an effort to crack down on money laundering and illicit use of American currency.
- تعرّف على علي الزيدي، رجل الأعمال ورئيس الوزراء العراقي الجديد المكلف, Al-Monitor (Arabic), 28 April 2026 Tier D
لا توجد عقوبات أمريكية مفروضة على بنك الجنوب الإسلامي أو على زيدي
- من الزيدي المكلف تشكيل الحكومة العراقية؟, Asharq Al-Awsat Tier D
علي الزيدي، هو مالك ورئيس مجلس إدارة «مصرف الجنوب الإسلامي (BJAB)» للاستثمار والتمويل … أبرمت عقد مشاركة مع «الشركة العامة لتجارة المواد الغذائية» لإطعام الجيش العراقي بالأرزاق الجافة والطرية بعدد 41 مادة، وبعدد مستفيدين إجمالي يبلغ 300 ألف مقاتل
- من الإدارة إلى الرئاسة.. علي الزيدي مرشح التسوية الذي يختبر حدود النظام العراقي, Shafaq News, 28 April 2026 Tier D
شغل سابقاً رئاسة مجلس إدارة مصرف الجنوب الإسلامي … لا توجد، بحسب المتاح علناً، معلومات تؤكد أن الزيدي نفسه مدرج شخصياً على لوائح عقوبات أميركية مباشرة
- من هو علي الزيدي المكلف برئاسة الحكومة العراقية؟, Al Jazeera (encyclopedia), 28 April 2026 Tier D
تولّى رئاسة مجالس إدارة كلٍّ من "الشركة الوطنية القابضة"، و"جامعة الشعب"، و"معهد عشتار الطبي"، إضافة إلى "مصرف الجنوب" (سابقا)
- Iraqi PM Announces Seven Banks Cleared Under US Treasury Understanding, Peregraf, 18 July 2026 Tier D
According to international reports, he previously chaired Al-Janoob Islamic Bank for Investment and Finance until 2019. … No CBI statement identifying the seven newly qualified banks referenced by al-Zaidi could be independently located as of this writing
- مصرف الجنوب الاسلامي للاستثمار والتمويل (BJAB): البيانات الأساسية, Mubasher (mirror of the Iraq Stock Exchange company profile) Tier D
محمود محمد محمود داغر الكناني رئيس مجلس الادارة … على فالح كاظم (9.90%) … حسن فالح كاظم (9.90%)
- المصارف المجازة, Central Bank of Iraq (bank directory) Tier A
الجنوب الإسلامي للاستثمار والتمويل … مدير، بسام ذياب البيطار م.مدير، ايمن حسين جاد الله (punctuation adjusted)
- US clears seven Iraqi banks for dollar transactions, Shafaq News (English), 18 July 2026 Tier D
The affected institutions included Al-Janoob Islamic Bank, one of the country's largest private lenders, previously chaired by Al-Zaidi before becoming prime minister.
- العراق: حكومة غير مكتملة وبلا فصائل, Asharq Al-Awsat, 15 May 2026 Tier D
منح البرلمان العراقي، أمس (الخميس)، الثقة لحكومة غير مكتملة وخالية من الفصائل المسلحة برئاسة رئيس الوزراء المكلف علي الزيدي