Cihan Bank has launched a special loan program for salary recipients through its ‘My Account’ program. Participants can now access financing equivalent to up to five monthly salaries, with a maximum limit of 10 million Iraqi dinars. The bank allows repayment in easy installments, providing flexibility to government employees and other salary recipients.
Additionally, salary recipients in Iraq widely use the ‘My Account’ program. A large number of employees receive their monthly salaries through this system. Now, Cihan Bank has partnered with the World Bank to expand services for these participants. The program offers financing for personal and household needs. It can also cover partial purchases of cars, houses, or land, all in line with Islamic finance principles.
Therefore, Ahmed Abdulkhaleq, General Manager of Cihan Bank, stated: “We have activated a special card for participants in the ‘My Account’ program. Through this card, salary recipients can access up to five monthly salaries, provided the total does not exceed 10 million dinars. Financing is repaid in installments according to the customer’s preference.
Salary recipients can request financing through three convenient methods:
- Visit any Cihan Bank branch.
- Submit a request via the Cihan Bank mobile application.
- Submit a request through the Bank website.
After receiving the financing, participants can choose a repayment plan based on their needs:
- 12 months
- 24 months
- 36 months
This flexible repayment system ensures that salary recipients can manage their finances comfortably while benefiting from the program.
Cihan Bank is planning to enhance the ‘My Account’ program further. Ahmed Abdulkhaleq added: “We are developing new services and offers for participants. Soon, additional benefits will be available to our customers through this program.”
In addition, the Islamic Iraqi Bank gives government employees whose salaries are deposited in the bank a monthly interest-free loan of 200,000 dinars and automatically deducts the amount from their salaries in installments, following Islamic Sharia principles.
The Cihan Bank ‘My Account’ loan program is now a key financial tool for salary recipients. It supports personal needs, major purchases, and overall financial flexibility for government employees in Iraq.
