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.
Rasheed 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
This bank is also a public institution and is under the authority of the Ministry of Finance.
It is the second largest general purpose bank in the country, in terms of its balance sheet. It was established in 1988 and its headquarters is in Baghdad. Its capital is currently fixed at 2 billion ID, its reserves amount to 6 billion ID and its latest balance (2001) was 15.9 billion ID. The bank has 161 branches in Iraq and is not represented abroad. Its President was dismissed after the conflict. The current President, who was appointed recently, is Mr. Abdelhadi SADIK.”