The Ledger
Sixty-three sessions the Central Bank published in full, bank by bank.
For sixty-three sessions the Central Bank of Iraq published the full per-bank breakdown of what it sold. Those bulletins are the strongest evidence in this file.
In 63 sessions the Central Bank published in full, 58 banks shared the window. These are its own numbers.
The Central Bank once published, for every session, exactly which bank received how many dollars. It no longer does.
The lists on this page were recovered from Internet Archive captures of the CBI's own bulletins — 63 sessions between November 2016 and July 2020 that survived online. The complete series for more than 5,200 sessions exists inside the Central Bank. It has chosen not to publish it.
There is no technical obstacle: only the choice. The public is entitled to demand the full series — because a mechanism that distributes the nation's dollars in its name cannot also decide that the nation may not see the distribution.
What you can doDemand publication of the per-bank series for every session, through parliament and through the press: the request is for a file the Central Bank already holds.
Al-Huda Bank appears in 49 of the 63 documented sessions, receiving $549,880,000 — every dollar of it as transfers abroad, none in cash — while carrying an A- rating in the Central Bank's own bulletins. In February 2024 the US Treasury designated the bank in connection with Iran-related flows.
Source: CBI session bulletins; US Treasury
received by 58 institutions across 63 sessions
share taken by the top ten institutions
The 58 institutions received $12,601,474,347 across the 63 documented sessions. The top ten institutions took 56.6% of it.
Concentration is the finding, not a by-product: a tenth of the participating banks absorbed more than half of everything the Central Bank published.
What each bank received, 8 November 2016 to 28 July 2020
US dollars, aggregated across 63 fully published sessions
| Documented, 63 published sessions | Era extrapolation (estimate) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| # | Bank | Sessions | Transfers abroad | Cash to bank | Via exchange companies | Grand total | CBI rating | Enforcement | Sample share | Est. dollars bought 2004–2026 | Est. margin captured 2004–2026 |
| 1 | مصرف الثقة الدولي الإسلامي Trust International Islamic Bank | 60 | $797,488,372 | $1,440,000 | $212,060,000 | $1,010,988,372 | B | Barred Jul 2023 | 802.00% | $49.4bn | $2.3bn |
| 2 | مصرف الشرق الأوسط العراقي للاستثمار Iraqi Middle East Investment Bank | 60 | $806,750,000 | $1,560,000 | $68,670,000 | $876,980,000 | A- | Excluded 2023 | 696.00% | $42.9bn | $2.0bn |
| 3 | مصرف الخليج التجاري Gulf Commercial Bank | 57 | $796,778,000 | $1,440,000 | $3,220,000 | $801,438,000 | A- | — | 636.00% | $39.2bn | $1.8bn |
| 4 | المصرف العربي الإسلامي Arabia (Al-Arabiya) Islamic Bank | 60 | $764,095,000 | $1,440,000 | $3,360,000 | $768,895,000 | B+ | Banned Feb 2024 | 610.00% | $37.6bn | $1.8bn |
| 5 | مصرف سومر التجاري Sumer Commercial Bank | 60 | $622,779,000 | $1,320,000 | $63,350,000 | $687,449,000 | B+ | Barred Jul 2023 | 546.00% | $33.6bn | $1.6bn |
| 6 | مصرف عبر العراق للاستثمار والتمويل Trans Iraq Bank (Iraq Trans Bank) | 60 | $637,299,590 | $1,440,000 | $39,620,000 | $678,359,590 | A | Barred Jul 2023 | 538.00% | $33.2bn | $1.5bn |
| 7 | مصرف أربيل للاستثمار والتمويل Erbil Bank for Investment & Finance | 59 | $672,850,850 | $1,440,000 | $0 | $674,290,850 | B | Barred Jul 2023 | 535.00% | $33.0bn | $1.5bn |
| 8 | مصرف القرطاس الإسلامي للاستثمار والتمويل Al-Qurtas Islamic Bank for Investment & Finance | 56 | $588,000,000 | $1,350,000 | $0 | $589,350,000 | B | Barred Jul 2023 | 468.00% | $28.8bn | $1.3bn |
| 9 | مصرف الهدى Al-Huda Bank | 49 | $549,880,000 | $0 | $0 | $549,880,000 | A- | OFAC designated | 436.00% | $26.9bn | $1.3bn |
| 10 | مصرف تجارة الإقليم للاستثمار والتمويل Region Trade Bank (RTB, formerly Emerald Bank) | 50 | $490,000,000 | $1,320,000 | $0 | $491,320,000 | B+ | — | 390.00% | $24.0bn | $1.1bn |
| 11 | مصرف العراق نور الإسلامي للاستثمار والتمويل Al-Iraq Noor Islamic Bank for Investment & Finance | 38 | $409,285,000 | $960,000 | $66,850,000 | $477,095,000 | A- | — | 379.00% | $23.3bn | $1.1bn |
| 12 | مصرف الأنصاري للاستثمار والتمويل Bank of Iraq Trade & Investment / Al-Ansari | 41 | $396,000,000 | $1,080,000 | $0 | $397,080,000 | B | Excluded 2023 | 315.00% | $19.4bn | $907.1m |
| 13 | مصرف جيهان للاستثمار والتمويل الإسلامي Cihan Bank for Islamic Investment & Finance | 33 | $275,947,000 | $600,000 | $10,380,000 | $286,927,000 | A- | — | 228.00% | $14.0bn | $655.5m |
| 14 | مصرف الموصل للتنمية والاستثمار Mosul Bank for Development & Investment | 26 | $276,457,250 | $360,000 | $1,120,000 | $277,937,250 | A- | Barred Jul 2023 | 221.00% | $13.6bn | $634.9m |
| 15 | مصرف الموصل للتنمية والاستثمار Mosul Bank for Development & Investment | 27 | $266,105,530 | $1,200,000 | $3,710,000 | $271,015,530 | A- | Barred Jul 2023 | 215.00% | $13.3bn | $619.1m |
| 16 | مصرف القابض الإسلامي للتمويل والاستثمار Al-Qabidh (Al-Qabid) Islamic Bank | 25 | $260,000,000 | $840,000 | $0 | $260,840,000 | B+ | Excluded 2023 | 207.00% | $12.8bn | $595.9m |
| 17 | مصرف القابض الإسلامي للتمويل والاستثمار Al-Qabidh (Al-Qabid) Islamic Bank | 26 | $246,000,000 | $720,000 | $0 | $246,720,000 | B+ | Excluded 2023 | 196.00% | $12.1bn | $563.6m |
| 18 | مصرف الاستثمار العراقي Investment Bank of Iraq | 31 | $158,542,000 | $1,080,000 | $85,890,000 | $245,512,000 | B+ | Banned Feb 2024 | 195.00% | $12.0bn | $560.9m |
| 19 | مصرف الاستثمار العراقي Investment Bank of Iraq | 25 | $175,083,000 | $480,000 | $64,470,000 | $240,033,000 | B+ | Banned Feb 2024 | 190.00% | $11.7bn | $548.3m |
| 20 | مصرف التنمية الدولي للاستثمار والتمويل International Development Bank (IDB) | 59 | $153,314,572 | $1,560,000 | $72,290,000 | $227,164,572 | A- | — | 180.00% | $11.1bn | $518.9m |
| 21 | مصرف الجنوب الإسلامي للاستثمار والتمويل Al-Janoob Islamic Bank for Investment & Finance | 60 | $173,739,805 | $1,560,000 | $46,900,000 | $222,199,805 | A- | Banned Feb 2024 | 176.00% | $10.9bn | $507.6m |
| 22 | مصرف جيهان للاستثمار والتمويل الإسلامي Cihan Bank for Islamic Investment & Finance | 27 | $202,698,000 | $840,000 | $12,320,000 | $215,858,000 | A- | — | 171.00% | $10.6bn | $493.1m |
| 23 | المصرف العراقي الإسلامي للاستثمار والتنمية Iraqi Islamic Bank for Investment & Development | 30 | $200,564,250 | $0 | $6,790,000 | $207,354,250 | A- | — | 165.00% | $10.1bn | $473.7m |
| 24 | المصرف العراقي الإسلامي للاستثمار والتنمية Iraqi Islamic Bank for Investment & Development | 25 | $172,919,200 | $0 | $13,440,000 | $186,359,200 | A- | — | 148.00% | $9.1bn | $425.7m |
| 25 | بنك عودة - فروع العراق Bank Audi (Iraq branches) | 42 | $157,757,060 | $0 | $0 | $157,757,060 | A | — | 125.00% | $7.7bn | $360.4m |
| 26 | مصرف آشور الدولي للاستثمار Ashur International Bank for Investment | 27 | $118,500,000 | $720,000 | $15,260,000 | $134,480,000 | A- | Banned Feb 2024 | 107.00% | $6.6bn | $307.2m |
| 27 | مصرف زين العراق الإسلامي للاستثمار والتمويل Zain Iraq Islamic Bank for Investment & Finance | 30 | $123,289,500 | $120,000 | $420,000 | $123,829,500 | B+ | Barred Jul 2023 | 98.00% | $6.1bn | $282.9m |
| 28 | مصرف العالم الإسلامي للاستثمار والتمويل World Islamic Bank for Investment & Finance | 29 | $96,523,477 | $510,000 | $25,880,000 | $122,913,477 | A- | Barred Jul 2023 | 98.00% | $6.0bn | $280.8m |
| 29 | مصرف آشور الدولي للاستثمار Ashur International Bank for Investment | 29 | $80,100,000 | $510,000 | $18,530,000 | $99,140,000 | A- | Banned Feb 2024 | 79.00% | $4.8bn | $226.5m |
| 30 | مصرف زين العراق الإسلامي للاستثمار والتمويل Zain Iraq Islamic Bank for Investment & Finance | 25 | $90,830,000 | $0 | $350,000 | $91,180,000 | B+ | Barred Jul 2023 | 72.00% | $4.5bn | $208.3m |
| 31 | مصرف المستشار الإسلامي للاستثمار والتمويل Al-Mustashar Islamic Bank for Investment & Finance | 15 | $84,318,068 | $360,000 | $770,000 | $85,448,068 | B | Barred Jul 2023 | 68.00% | $4.2bn | $195.2m |
| 32 | مصرف الاقتصاد للاستثمار والتمويل Economy Bank for Investment & Finance | 51 | $5,041,000 | $960,000 | $79,380,000 | $85,381,000 | B | — | 68.00% | $4.2bn | $195.0m |
| 33 | مصرف العالم الإسلامي للاستثمار والتمويل World Islamic Bank for Investment & Finance | 22 | $64,251,000 | $720,000 | $19,880,000 | $84,851,000 | A- | Barred Jul 2023 | 67.00% | $4.1bn | $193.8m |
| 34 | مصرف إيلاف الإسلامي Elaf Islamic Bank (formerly Barakaat Bank) | 59 | $13,048,523 | $1,440,000 | $66,850,000 | $81,338,523 | B | Barred Jul 2023 | 65.00% | $4.0bn | $185.8m |
| 35 | مصرف اتحاد العراق Union Bank of Iraq | 55 | $69,654,000 | $0 | $7,700,000 | $77,354,000 | B+ | Banned Feb 2024 | 61.00% | $3.8bn | $176.7m |
| 36 | مصرف آسيا العراق الإسلامي للتمويل والاستثمار Asia Iraq Islamic Bank (Asia Bank) | 22 | $38,430,000 | $600,000 | $37,870,000 | $76,900,000 | B+ | Excluded 2023 | 61.00% | $3.8bn | $175.7m |
| 37 | مصرف الرشيد Rasheed Bank | 28 | $0 | $0 | $64,960,000 | $64,960,000 | — | — | 52.00% | $3.2bn | $148.4m |
| 38 | مصرف الرشيد Rasheed Bank | 27 | $0 | $0 | $64,610,000 | $64,610,000 | — | — | 51.00% | $3.2bn | $147.6m |
| 39 | المصرف الوطني الإسلامي National Islamic Bank | 32 | $15,017,000 | $1,440,000 | $41,860,000 | $58,317,000 | B+ | — | 46.00% | $2.9bn | $133.2m |
| 40 | مصرف الراجح الإسلامي للتمويل والاستثمار Al-Rajih Islamic Bank for Finance & Investment | 21 | $44,780,000 | $480,000 | $1,680,000 | $46,940,000 | B+ | Barred Jul 2023 | 37.00% | $2.3bn | $107.2m |
| 41 | المصرف الأهلي العراقي National Bank of Iraq (NBI) | 32 | $46,712,749 | $0 | $0 | $46,712,749 | A- | — | 37.00% | $2.3bn | $106.7m |
| 42 | مصرف آسيا العراق الإسلامي للتمويل والاستثمار Asia Iraq Islamic Bank (Asia Bank) | 17 | $11,936,000 | $240,000 | $32,900,000 | $45,076,000 | B+ | Excluded 2023 | 36.00% | $2.2bn | $103.0m |
| 43 | مصرف الراجح الإسلامي للتمويل والاستثمار Al-Rajih Islamic Bank for Finance & Investment | 25 | $36,310,000 | $720,000 | $2,100,000 | $39,130,000 | B+ | Barred Jul 2023 | 31.00% | $1.9bn | $89.4m |
| 44 | مصرف المستشار الإسلامي للاستثمار والتمويل Al-Mustashar Islamic Bank for Investment & Finance | 10 | $33,573,781 | $240,000 | $910,000 | $34,723,781 | B | Barred Jul 2023 | 28.00% | $1.7bn | $79.3m |
| 45 | مصرف أمين العراق الإسلامي للاستثمار والتمويل Ameen Al-Iraq Islamic Bank for Investment & Finance | 11 | $28,939,205 | $120,000 | $0 | $29,059,205 | B | — | 23.00% | $1.4bn | $66.4m |
| 46 | مصرف الطيف الإسلامي للاستثمار والتمويل Al-Taif Islamic Bank for Investment & Finance | 15 | $4,990,000 | $240,000 | $9,100,000 | $14,330,000 | B | Barred Jul 2023 | 11.00% | $700.8m | $32.7m |
| 47 | بنك الشرق الأوسط وأفريقيا MEAB Bank SAL | 8 | $9,973,032 | $0 | $0 | $9,973,032 | A- | — | 8.00% | $487.7m | $22.8m |
| 48 | اللؤلؤ Not reconciled to the register | 12 | $7,200,000 | $0 | $0 | $7,200,000 | B | — | 6.00% | $352.1m | $16.4m |
| 49 | المصرف الدولي الإسلامي International Islamic Bank | 7 | $3,000,000 | $120,000 | $3,990,000 | $7,110,000 | B+ | Barred Jul 2023 | 6.00% | $347.7m | $16.2m |
| 50 | المصرف المتحد للاستثمار United Bank for Investment (UBI) | 1 | $6,000,000 | $0 | $0 | $6,000,000 | B | Under investigation | 5.00% | $293.4m | $13.7m |
| 51 | مصرف الائتمان العراقي Credit Bank of Iraq | 1 | $4,429,271 | $0 | $0 | $4,429,271 | B- | — | 4.00% | $216.6m | $10.1m |
| 52 | المصرف الدولي الإسلامي International Islamic Bank | 6 | $0 | $0 | $3,920,000 | $3,920,000 | B+ | Barred Jul 2023 | 3.00% | $191.7m | $9.0m |
| 53 | مصرف المشرق العربي الإسلامي Al-Mashreq Al-Arabi Islamic Bank | 2 | $3,217,580 | $120,000 | $0 | $3,337,580 | B | — | 3.00% | $163.2m | $7.6m |
| 54 | المصرف التجاري العراقي Commercial Bank of Iraq | 11 | $0 | $1,320,000 | $0 | $1,320,000 | A- | — | 1.00% | $64.6m | $3.0m |
| 55 | مصرف المشرق العربي الإسلامي Al-Mashreq Al-Arabi Islamic Bank | 3 | $696,682 | $240,000 | $330,000 | $1,266,682 | B | — | 1.00% | $61.9m | $2.9m |
| 56 | مصرف أور الإسلامي / مصرف المال الإسلامي Ur Islamic Bank / Al-Mal Islamic Bank for Investment | 10 | $0 | $1,200,000 | $0 | $1,200,000 | B | Barred Jul 2023 | 1.00% | $58.7m | $2.7m |
| 57 | مصرف المنصور للاستثمار Mansour Bank for Investment | 2 | $0 | $240,000 | $0 | $240,000 | A | — | 0.00% | $11.7m | $548k |
| 58 | مصرف الوركاء للاستثمار والتمويل Warka Bank for Investment & Finance | 1 | $0 | $0 | $0 | $0 | B | Suspended | 0.00% | $0 | $0 |
| Total, 58 banks | 63 | $11,291,094,347 | $36,690,000 | $1,273,690,000 | $12,601,474,347 | 100.00% | $616.3bn | $28.8bn | |||
CBI rating is the modal compliance grade printed for the bank across the sessions in which it appears.
Tier BAssumes each bank's documented sample share held across the era, now scaled to the verified totals: $616,274,295,239 sold ($515.0bn from recovered daily records plus $101.3bn from the CBI's own published annual totals) and $28,787,173,757 of margin ($23.8bn documented, scaled to the verified annual volumes). The estimates sum to those two totals by construction. They are extrapolations, not documented figures — the documented columns are to their left.
Validation
- 0163 sessions, all from the exact text layer of Central Bank bulletins. No optical character recognition was used in this dataset.
- 021,732 of 1,743 rows verified arithmetically: cash plus transfers equals the printed row total.
- 0341 of 63 sessions reconcile exactly to the session total the Central Bank itself printed. The remaining 22 differ and are flagged rather than adjusted.
- 63
- sessions
- 1732/1743
- rows verified
- 41/63
- sessions reconciled
- $12.6bn
- grand total
Source: Central Bank of Iraq, session bulletins Tier A2016-11-08 → 2020-07-28