International Development Bank
Membership Category
Corporate Membership Up to Three
Membership No.
0380
Commission
Banking
Company Profile
The International Development Bank was established in 2011 with an initial capital of 100 billion Iraqi Dinars - today a paid-up capital of 250 billion IQD (equivalent to 210 million US Dollars) - and quickly rose to establish itself among leading banks, both locally and regionally, offering commercial banking services to both corporate and retail clients.
The bank’s initial shareholders were mainly members of the Khalaf Abed Kareem family, together with a number of Iraqi investors. While the Khalaf Abed Kareem family remains the biggest shareholder (61% of total equity), the number of shareholders have grown to include more than 100 holders of common shares that have been listed on the Iraq Stock Exchange since 2018.
Under the leadership of the Chairman of our Board of Directors, Mr. Ziad Khalaf Abed Kareem, who institutionalized firm foundations and principles for operations, IDB was able to acquire a significant market share of the total trade finance business, electronic cards issuing and overall local banking market.
With Compliance and Anti-Money Laundering mandating as two autonomous departments within the bank, and Ernst & Young as external auditors for the years 2017- 2019, we ensure both accuracy and transparency of all operations.
We are currently represented in all major provinces of Iraq, including Iraqi Kurdistan, through our 15 branches and more than 550 employees, 220 ATMs and 3,000 POS across Iraq, along with offices in Beirut and Dubai. As per the Board of Directors’ approved strategy, we aim to have a network of 25 all-inclusive branches in the country, as well as more than 300 ATMs installed and 10,000 POS by the end of 2022.
IDB has positively contributed to the reconstruction of Iraq through financing mega projects across various sectors, with a total lending sum exceeding IQD 450 billion (equivalent to more than 375 million USD dollars) in the form of direct and indirect credit facilities. IDB also participated actively in the SMEs Financing Initiatives stipulated by the Central Bank of Iraq through financing projects with a total sum exceeding 10 billion Iraqi dinars (equivalent to 8 million US dollars) throughout various provinces in Iraq during 2017.
During the years 2016-2018, IDB attained an “Issuing and Acquiring” license from Mastercard and Visa, becoming the first Iraqi bank with the ability to issue all types - debit, credit and prepaid - of electronic bank cards.
And most recently, IDB signed an MoU with the International Finance Corporation (IFC), a member of the World Bank Group, becoming the first private bank in the country to do so. The partnership will enable the bank’s clients to access financial services, such as loans and trade financing, empowering Iraq’s private sector and promoting economic growth.
Having knitted together a strong relationship of trust with our clients, depositors and shareholders, IDB promises them to always maintain the bank’s image and vision through continuous development and contribution to the Iraqi local economy by strengthening our links with regional and international financial markets.
Represented by:
Dr. Ziad Khalaf
Chairman
Dr Zead Khalaf Abed Kareem is a highly accomplished Iraqi entrepreneur and the Chairman of International Development Bank (IDB). With a bachelor’s degree in civil engineering from Baghdad University of Technology, he has excelled in the field of finance and banking, receiving an Honorary Doctorate from the London International School in Finance and Banking. He has made significant contributions at both regional and international levels, holding prestigious positions and memberships in esteemed organizations.
In addition to his role as Chairman of IDB, Dr Khalaf is the Founder and Chairman of the ZK Group, the Chairman of Al- Sharq Company for Insurance, the Arab Payment Services Company, and AlOula Company for Financing small Establishments (microfinance). He also serves as a member of the Board of Directors for Doma Steel Company for Sandwich Panels.
Dr Khalaf has officially joined the United Nations’ Economic and Social Council based in Geneva, Switzerland. This significant accomplishment highlights his distinguished global achievements, as the Economic and Social Council holds immense importance within the United Nations’ institutional framework.
At the regional level, Dr Khalaf is a valued member of the Board of Directors of the Union of Arab Banks, representing the Iraqi banking sector. He also serves as the Board of Trustees of the Arab Academy for Banking and Financial Sciences, an institution under the League of Arab States. Additionally, he is a member of the Economic Jordanian Iraqi Association.
Dr Khalaf’s achievements are a testament to his exceptional leadership and strategic vision. Under his guidance, IDB has gained a distinguished reputation in Iraq and the region, fostering strong relationships and partnerships with financial institutions. By leveraging modern banking technology and adopting best practices, He has positioned the bank as a leader in providing scientific and electronic services.
Recognizing the importance of investing in information technology and human resources, Dr Khalaf has spearheaded initiatives to strengthen the bank’s infrastructure. Notably, he oversaw the establishment of an advanced technology- based Data Centre within Iraq, earning international certificates and licenses for PCI security. Furthermore, his leadership enabled IDB to represent Iraq internationally by opening a branch in the UAE, making it the first Iraqi bank to obtain a license from the Central Bank of UAE and operate onshore in the country.
Dr Khalaf places a strong emphasis on institutional governance, implementing best international banking practices and developing comprehensive strategies to actively contribute to Iraq’s reconstruction process. The bank’s participation in the International Finance Corporation (IFC) program, a vital part of the World Bank, highlights its commitment to supporting public and private sector initiatives for Iraq’s reconstruction.
The achievements of Dr Khalaf have garnered numerous accolades and awards, recognizing his contributions to sustainable development, innovative banking practices, and business excellence. These include the Harvard Foundation for Investment’s Award for Sustainable Development in Human Resources and Banking Practices, the United Arab Banks’ Award for the Most Innovative and Developed Bank, and the International Financial Awards Corporation’s Award for the Fastest Growing Bank.
Dr Khalaf’s involvement extends beyond the banking sector, as he actively participates in various conferences and initiatives. He has contributed to international dialogues and conferences such as the Arab and Mediterranean Dialogs Conference in Paris, the Iraqi British Business Council conference in London, and the Rebuilding of Iraq Conference in Kuwait. He has also received thanks and appreciation from the Iraqi Central Bank, the Iraqi Banker’s Association, and various campaigns and institutions for his support and contributions.
Hani Idris
Regional Manager / CEO
Hani Idris have 48 years of banking experience in Kuwait, Jordan, Palestine, Yemen, Iraq, and Dubai, out of which 39 years’ experience in technology banking, payments, cards, and digital financial services. Hani Idris worked for Bank of Kuwait and Middle East-Kuwait (BKME) 14 years, Housing Bank-Jordan (HBTF) 2 years, Jordan National bank-Jordan (Ahli) 11 years, Yemen Commercial bank-Yemen (YCB) 6 years, International Cards Company (ICC) 7 years and 7 years in Iraq. Key positions; head of retail banking at BKME, DGM Ahli Bank, GM YCB Bank, Strategic Market Advisor for MasterCard international 1999 to 2003, Executive Consultant at ICC and the founder of Systems Company for Consultancy 2009, the Executive Consultant to the Chairman of International Development Bank- IDB and Arab Payment Services- APS Iraq, and member of Arab Banking Innovation and digital transformation Council at Union of Arab Banks. And win in June 2021 the BANKTECH AWARD as the Banking Personality of the Year 2021 and in December 2021 the MENA FINTECH LEADER of the year 2021, by the FINTECH MENA COMMUNITY GROUP. From March 2022 the Regional Manager / CEO of International Development Bank UAE Dubai.