Iraq's Rasheed Bank expands lending options
Shafaq News- Baghdad
Iraq's state-owned Rasheed Bank offers loans and advances of up to 125 million IQD ($82,200) for employees, pensioners, and other borrowers, according to an official bank document.
The document, dated October 19, lists advances for public-sector employees ranging from 5 million to 25 million IQD ($3,290 to $16,450), repayable over five years at an annual declining-balance interest rate of 8%, without a guarantor. Contract employees can receive up to 5 million IQD ($3,290) under the same terms, while pensioners qualify for advances of 5 million to 15 million IQD ($3,290 to $9,870), also over five years at 8% declining interest and without a guarantor.
Other services include installment financing of 5 million to 125 million IQD ($3,290 to $82,200), repayable over 12 months, and financing of 250,000 to 25 million IQD ($165 to $16,450) for employees and pensioners, with repayment periods of 12, 24, or 36 months.
The bank also offers Visa credit cards with limits of up to 5 million IQD ($3,290), marriage advances of up to 10 million IQD ($6,580) over five years, and home renovation and maintenance loans of up to 75 million IQD ($49,340). Healthcare professionals can obtain loans of up to 80 million IQD ($52,630) over five years.
The document further lists university advances of 25 million to 50 million IQD ($16,450 to $32,890) over five years, loans of up to 100 million IQD ($65,790) for special-grade officials, and loans of up to 50 million IQD ($32,890) for notaries public.
Separately, on October 19, Finance Minister Falih Al-Sari directed state-owned Rafidain Bank to resume lending to public-sector employees, simplify loan applications, and expand financing for private businesses.
Iraq's state-owned banks have faced months of lending restrictions due to liquidity shortages. Central Bank of Iraq data showed deposits falling 5.6% and cash credit contracting 5.4% in the first half of 2026.
1 US dollar = 1520 Iraqi dinars
