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Iraq’s Financial System is under review following the recent extraordinary session convened by the Central Bank of Iraq (CBI) reflects a familiar feature of financial systems operating in periods of regional uncertainty: regulatory institutions move early to assess stability and preserve confidence.

Islamic banks in Iraq operate under a comprehensive legal framework established by Islamic Banking Law No. 43 of 2015, requiring Central Bank licensing, minimum capital of IQD 250 billion, and mandatory Sharia Supervisory Board oversight. The regulatory environment incorporates AAOIFI and IFSB standards while prohibiting interest-based transactions and requiring strict compliance with Islamic Sharia principles across all banking operations and financial products.