Deposit guarantee is protection and guarantee for your deposits and that the bank’s deposits are subject to insurance by the Deposit Insurance Company.
The Central Bank of Iraq assumed the task of supervising the establishment and granting of a license to practice deposit insurance for the company, which was established in accordance with Companies Law No. (21) of 1997, and the (Iraqi Company for Deposit Insurance) was established under the Bank Deposit Insurance System No. (3) of 2016 issued by the Council of Ministers As a mixed joint-stock company established in accordance with the provisions of Companies Law No. (21) of 1997 with the presentation that our bank is one of the main founders of this company in support of the issue of attracting deposits and protecting customer funds, the company seeks to achieve the public interest of society primarily by protecting depositors’ money and increasing their confidence in the banking system.
The goals of the company :-
1- It is to provide a cover to guarantee the public’s deposits with Iraqi banks approved by the Central Bank of Iraq inside Iraq.
2 – Elimination of the phenomenon of hoarding, which is represented in the disruption of capital from the speed of its circulation, which harms the reality of the Iraqi economy.
3- Increasing confidence in the banking sector by raising the banking awareness among the public of the importance of dealing with banks and the extent to which its positive effects are reflected on society and the country, especially after the establishment of the Iraqi Deposit Insurance Company.
4- Protecting depositors and preserving their rights, whether the account is in Iraqi dinars or dollars Where the dollar is equivalent to the dinar at the official central bank exchange rate.
5- Encouraging savings and contributing to enhancing confidence in the banking sector inside Iraq.
6- Public awareness of the deposit insurance system inside Iraq.