81 banks in Iraq… Arab leadership but weak banking services
81 banks in Iraq… Arab leadership but weak banking services
2026-07-11
Shafaq News – Baghdad
The “Eco Iraq” observatory confirmed on Saturday that the number of banks operating in Iraq is among the highest in the Middle East countries, but their services are still below the level of ambition, while Iraq lacks integrated electronic banks.
The observatory said in a statement received by Shafaq News Agency that “the banking sector in Iraq is currently one of the most active sectors in the Middle East,” adding that “the number of banks and representative offices operating in the country amounts to 81 banking institutions.”
He explained that “these institutions are distributed among 8 government banks, 24 local commercial banks, 31 local Islamic banks, in addition to 16 foreign banks and two representative offices of foreign banks,” noting “the existence of 20 electronic payment companies, as well as 25 million active bank cards.”
According to the observatory’s statement, “Despite the large number of banks and financial institutions operating in Iraq, their economic and service role remains limited, and they have not fully kept pace with technological developments in the banking sector, especially in the field of electronic banking, as there is still no fully integrated Iraqi electronic bank.”
shafaq.com
