Al-Rashid Bank Introduces New Real Estate Transaction Guidelines
Al-Rashid Bank has announced a new mechanism for facilitating the purchase and sale of real estate valued at over 100 million dinars. This update, effective from February 26, 2025, aims to streamline the transaction process for buyers and sellers within the Iraqi real estate market.
Key Transaction Procedures
According to a recent statement from the bank, both the seller and buyer must be present at the bank to deposit the agreed-upon amount. The Central Bank of Iraq has specified that it is necessary for the funds to be deposited by opening a bank account. Note that this account opening is free of charge. In cases where the buyer already possesses an existing bank account, creating a new one is not required.
Financial Processes and Compliance
The bank also emphasized that both parties must hold accounts at banks recognized by the Central Bank of Iraq. Payments will be conducted through the existing bank system to ensure compliance with national banking regulations. Furthermore, the seller will receive formal documentation from the bank for real estate registration purposes.
Once the amount is deposited, the real estate registration department will complete the necessary procedures to finalize the sale, allowing the funds to be transferred to the seller’s account securely.
This new framework is expected to enhance transparency and trust in real estate transactions, aligning with broader economic objectives to stabilize and develop the Iraqi market.