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Islamic Banks In Iraq: Establishment Procedures, Legal Framework, Central Bank Instructions, And AAOIFI And IFSB Standards
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.
Iraq Finance
SA
Salt & Associates
Article
Tax Relief Measures For Private Higher Education Institutions
The Council of Ministers has approved significant tax relief measures for private universities, colleges, and institutes in Iraq, offering exemptions from penalties and additional charges on income tax and withholding tax obligations. These exemptions range from 50% to 100% depending on how quickly institutions settle their principal tax liabilities and complete mandatory tax reconciliation procedures within specified timeframes.
Iraq Tax
SA
Salt & Associates
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