Related News

A new bank with shareholders from Iraq and Bahrain is to be established, with its headquarters in Bahrain.

Discussions are almost complete and the various aspects of setting up the bank have been considered for the Bahrain-Iraq Bank, “which will mainly focus on reconstruction activities in Iraq,” claims Zohair Al Sarraj, chairman of the Iraq-Arab Alliance Conference on Reconstruction, Trade and Investment.

He points out that Iraqi investors feel that Bahrain has the best banking infrastructure and a professional Arabic and English-speaking as well as a good legislation and communications system, which are very important for a bank.

Concerned Bahraini authorities, including the Bahrain Monetary Agency (BMA), have also shown keen interest in such venture, and are supporting the formation of the bank, he adds.