Regulatory Alerts2018-11-29
Corporate Governance Guide for Banks (2018)
The Central Bank of Iraq issued the 2018 Corporate Governance Guide for Banks to mandate comprehensive governance frameworks, board composition rules, and Sharia compliance mechanisms across all Iraqi commercial and Islamic banks. The directive requires licensed institutions to establish dedicated governance committees, maintain independent boards with strict qualification and independence criteria, implement robust risk management and internal control systems, and ensure transparent disclosure to depositors, shareholders, and regulators. It further standardizes executive management accountability, succession planning, and stakeholder protection by aligning domestic banking operations with international best practices from the IFC, OECD, Basel Committee, AAOIFI, and IFSB.