Opening an Account

When you open an account at Kurdistan International Islamic Bank, you will have an account called current account. These current accounts, established by the bank in accordance with a mutual agreement with its customers, and account holders have the privilege of unrestricted deposits and withdrawals. Account owners can use checks and other authorized withdrawal mechanisms to manage and transact with their accounts. In legal terms, these accounts are regarded as trust accounts, signifying that the bank takes on fiduciary responsibilities for their management. The bank commits to the complete or partial disbursement of funds upon the request of the account holder, and it holds a guarantee for the safe return of deposited amounts, even in the event of bank-initiated investments. As a result, the bank takes on any risks related to investments, ensuring that depositors are protected from such concerns. Essentially, these accounts function as secure tools for everyday financial transactions, and the bank acts as a custodian to guarantee the safety and accessibility of deposited funds. 

These accounts do not generate profits or incur losses on their own. However, it is allowable to levy charges on the account holder, such as initial fees for managing the account or for the provision of banking services. 

Bank accounts are managed using networks provided by the bank or payment orders. Withdrawals can be made individually, or in the case of a joint account, jointly with another account holder. Alternatively, representatives designated by the account holder can also withdraw funds, either individually or collaboratively. 

Who can open an account?

Accounts of this type can be opened for the benefit of companies of various types, and various organizations such as associations, unions, clubs, federations, cooperative societies, charitable, religious, cultural, and other entities. Additionally, these accounts are available for use by official and semi-official government agencies, branches of companies and institutions, as well as foreigners and all legal entities interested in establishing an account. 

Businesses

A various type of businesses can open an account at the Kurdistan International Islamic Bank for Investment and Development. For foreign businesses, they must have at least one branch registered in Iraq, to be eligible for opening an account.

Requirements for Opening a Business Account 

1. Submit a request form for opening an account for the business.
2. Current year's certification papers from the General Directorate of Company Registration addressed to the Kurdistan International Islamic Bank for Investment and Development. Including the following papers:
   1. Administrative order.
   2. Incorporation certificate of the company.
   3. Incorporation Decision.
   4. Minutes of Meeting.
3. Current year's Tax Clearance document addressed to the Kurdistan International Islamic Bank for Investment and Development.
4. Certified document of the past 3 years company’s budget.
5. Valid lease contract of the company, or a document in case of ownership.
6. Company’s stamp.
7. The presence of company’s director and following documents:
   1. If the director is local citizen:
      1. National ID
      2. Passport
      3. Work ID
      4. Residency Card
      5. 2 Photos
      6. Chamber of Commerce ID, Work ID or Work Support Letter
   2. If the director is foreign citizen:
      1. Passport
      2. Residency Card
      3. 2 photos
      4. Chamber of Commerce ID
   3. In the case of more than one person has authorization to conduct withdrawals or other banking transactions, the following requirements are needed:
      1. A formal letter that has the name of all the individuals that are authorized.
         1. The letter must specify whether the individuals are authorized to do banking transactions separately or jointly.
         2. Must be stamped by the company and signed by the director.
      2. Identification documents (National ID or Passport) of all the authorized individuals.
      3. All the authorized individual's presence and signature is required at the bank.
   4. If the company has shareholders, the following documents are required:
      1. Shareholder’s document.
      2. Shareholder's National ID.
      3. Shareholder’s Residency Card.
      4. Shareholder’s Passport.
      5. Shareholder’s photo.
   5. Depositing an amount to activate the account.
   6. Paying account opening commission fee.
   7. Paying account statement commission fee.

Organizations

A various type of organizations can open an account at the Kurdistan International Islamic Bank for Investment and Development. For foreign organizations, they must have at least one branch registered in Iraq, to be eligible for opening an account.

Requirements for Opening an Organization Account 

1. Submit a request form for opening an account for your organization.
2. Current year's certification papers from the Department of Non-Governmental Organization addressed to the Kurdistan International Islamic Bank for Investment and Development. Including the related papers.
3. Certified document of the past 3 years organization’s budget.
4. Valid lease contract of the company, or a document in case of ownership.
5. Organization’s stamp.
6. The presence of organization’s director and following documents:
   1. If the director is local citizen:
      1. National ID
      2. Passport
      3. Work ID
      4. Residency Card
      5. 2 Photos
      6. Work ID or Work Support Letter
   2. If the director is foreign citizen:
      1. Passport
      2. 2 photos
      3. Work Support Letter
   3. In the case of more than one person has authorization to conduct withdrawals or other banking transactions, the following requirements are needed:
      1. A formal letter that has the name of all the individuals that are authorized.
         1. The letter must specify whether the individuals are authorized to do banking transactions separately or jointly.
         2. Must be stamped by the organization and signed by the director.
      2. Identification documents (National ID or Passport???) of all the authorized individuals.
      3. All the authorized individual's presence and signature is required at the bank.
   4. If the company has shareholders, the following documents are required:
      1. Shareholder’s document.
      2. Shareholder's National ID.
      3. Shareholder’s Residency Card.
      4. Shareholder’s Passport.
      5. Shareholder’s photo.
   5. Depositing an amount to activate the account.
   6. Paying account opening commission fee.
   7. Paying account statement commission fee.

Payroll Account

A business or an organization can open a payroll account for managing their employees' salaries through the Kurdistan International Islamic Bank for Investment and Development.

Requirements for Opening a Payroll Account 

1. Open an account for your business or organization.
2. Submit a request letter to the bank for opening a payroll account.
3. The business or organization signs the agreement with the bank.
4. The business or organization submits a letter containing all the employee's details to the bank.