Babylon Bank (private joint stock company) established with a capital of (500 million) dinars under the Certificate of Incorporation No. 6769 in 04/06/1999 and received a License Certificate in banking practice by the Central Bank of Iraq, numbered PA/9/3/461/11 in 8PJune 1999.
-In 1st August 1999, the bank began its work in Al-Khudhairi building located in the area of Bab Al-Sharji near the entrance of Al-Rashid Street , and at the end of 2002 the bank moved to a new building (property of the bank) located in Saadoun Street opposite the Ministry of Agriculture.
- The Capital has increased several times to become at the beginning of the year 2004 (1.8 Billion) IQD.
- In 2004, the Capital increased two times, the first time was 250% of the capital to become (6.3 Billion) IQD and all the legal procedures finished at 31PstP May 2004, the second was 59% capital to became (10 Billion) IQD the legal procedures done by the beginning of 2005.
- According to the decision of the general directory meeting, held 28PthP April 2005, the capital raised to (30 Billion) IQD, and all the procedures finished by the end of July 2005 certificated by the Registrar Office of Iraq numbered 19491 in 25PthP July 2005.
- As implement to CBI rules and regulations, the capital increased to (50 Billion) IQD, in 29PthP June 2009, then increased again to (100 Billion) IQD in accordance with the confirmation from the registrar of company office numbered 19658 in 3PrdP August 2011.
- At 27th P January 2013 and as an implement to CBI regulations, the capital increased to (150 Billion) IQD and the official procedures finished by the end of May 2013, and a decision has been made by the Board of Directors to increase the capital to (250 Billion) IQD in 24P th P October 2013. 2
Goals and Objective
Babylon Bank objectives are to participate in the development activities of the Iraqi economy within the framework of the general policy of the state through the practice of bank investment and commercial banking diverse domestic and international for its own account or for the account of others in accordance with the laws in force, and to collaborate with banking system and other investment entities whom concerned with the economic development of Iraq.
A. Short term investment:
Which is very limited and exclusive investment in the joint-stock companies.
B. Long Range investment:
Which is the amounts assigned as a capital for the exchange offices in Baghdad and Najaf.
And its worth to mention that Babylon bank have no more than 10% in any other companies but Al-Batic for Securities Investment and Al-Batic for Insurance.
Babylon Bank follows a strict credit policy targeting to organize the credits and putting on mind the rules and regulations of CBI, the essence of the policy is to concentrate the efforts to bring the successful and promised activities and to diverse the bank portfolio to reduce the risks plus focusing on proper guaranties, thus the total credits raised from (55 Billion) IQD in 2012 to (195 Billion) in 2014. The promissory credit also raised from (7 Billion) IQD to (19 Billion) IQD.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the national and international auditing standards, which requires that we plan and preform the auditing procedures to obtain reasonable assurance that the financial statement are free from any misstatements.
An audit involves preforming procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error, in making those risks, the auditor considers internal control relevant to the bank’s preparation and appropriate for the circumstances but not expressing an opinion on the effectiveness of the Bank’s internal control. An audit also includes evaluating the appropriateness of the accounting policies and the reasonableness of the accounting estimates made by management as well as assessing overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for the audit opinion.
We work closely with high-net-worth individuals and families, using our team’s acute knowledge and experience in the financial field. When protecting our clients’ wealth, we leave nothing to chance. We attune each client investment strategy based on their view on risk and reward. After analyzing all aspects of our clients’ current financial situation and desired results, we move on and construct a portfolio suited to that specific client.
Investment markets can be volatile and affect ones judgment. Our team has extensive experience managing money in both bear and bull markets. At Standard Commerce Bank, our approach to comprehensive financial planning and investment advisory services focuses on securing our clients’ wealth and achieving growth.
Using our tracking and ongoing performance monitoring methodology, we make adjustments when necessary to reflect changes in the clients’ circumstances and changes in the capital markets. Our team is frequently in communications with our clients, to make sure they are informed and involved.
The most crucial step in achieving financial security is understanding and organizing your financial situation. Our team is here to assist you reaching that goal.