Al-Rashid Bank Introduces Real Estate Transaction Mechanism Over 100 Million Dinars
Al-Rashid Bank has announced a streamlined mechanism for facilitating the purchase and sale of real estate exceeding the value of 100 million dinars. This initiative aims to enhance the transactional efficiency within the Iraqi real estate sector.
The bank clarified that both the seller and buyer are required to be physically present during the transaction; it is essential that the buyer does not deposit the agreed-upon amount upfront. Instead, the buyer will need to open an account with the bank, a process that incurs no fees. Should the buyer already have an account with the bank, there is no need to open a new one.
Furthermore, if both parties maintain accounts with banks designated by the Central Bank of Iraq, payments will be processed through established banking channels.
Once the buyer’s funds are deposited, Al-Rashid Bank will issue a certificate for real estate registration. The registration department will then finalize the transaction, facilitating the transfer of funds to the seller through the bank.
In addition, the bank has launched its credit plan for the year 2025, which encompasses loans tailored for various sectors. The plan aims to bolster lending capabilities, prompting bank branches to implement necessary protocols to allocate credit limits for prospective loan recipients.
Al-Rashid Bank also cautioned citizens to be vigilant against fraudulent entities and misleading online pages. The bank emphasized that all promotional activities are conducted exclusively through its official branches located in Baghdad and the provinces.
Key Highlights of the Real Estate Transaction Mechanism:
| Feature | Detail |
|---|---|
| Transaction Value Threshold | Over 100 million dinars |
| Requirement for Buyer & Seller | Physical presence during transaction |
| Initial Deposit Requirement | No upfront deposit required |
| Account Opening Fee | Free, or no new account needed if one already exists |
| Payment Method | Via designated banks, as per Central Bank guidelines |
| Certificate Issuance | Provided by Al-Rashid Bank for real estate registration |
| Credit Plan Launch Year | 2025 |
| Loan Coverage | Various types and sectors |
| Fraud Prevention Measure | Encouragement to deal only through official branches |
These developments reflect Al-Rashid Bank’s commitment to enhancing transactional efficiency and security within the Iraqi banking and real estate landscape.
