In accordance with paragraph 1 (b) of the Guidelines for the application of paragraphs 19 and 23 of resolution 1483 (2003), the Security Council Committee established pursuant to resolution 1518 (2003) concerning Iraq makes accessible a narrative summary of reasons for the listing for individuals and entities included in the sanctions list.
Rafidain Bank was listed on 21 November 2003 in connection with the measures contained in paragraphs 19 and 23 of resolution 1483 (2003).
“Activity: General purpose bank
The Al-Rafidain Bank is a public banking enterprise under the authority of the Ministry of Finance.
It is the principal banking establishment in the country and the oldest. Its capital is 4 billion ID, its reserves 9.6 billion ID and its latest known balance (2001) 20.2 billion ID. This bank has 191 branches within the country and 7 branches abroad (United Kingdom, Jordan, United Arab Emirates, Yemen, Sudan and Egypt). It has not been possible to identify its participation, if any, in industrial or service enterprises. The President of the Bank, Mr. Dhia AL KHAYOUN, has retained the post he.”