Risk Management Department
Risk Management Department is one of the modern departments, and it is an independent department in the bank linked to the Board of Directors. It means studying the potential risks of various activities that may be exposed to risks, for example, liquidity risks, exchange rate fluctuations, credit risks, legal risks, in addition to market risks and reputational risks…etc. The importance of risk management lies in understanding the various positive and negative aspects of all bank services that may affect the institution through periodic review of policies and procedures, follow-up and work to amend them whenever necessary in line with the activity and work of the bank and its acceptance of risks. This helps to increase the probability of success in achieving the bank’s goals and reduce the risk of failure. One of the most important tasks of this section is to identify the risks resulting from the use of financial instruments and new activities before dealing with them and the limits of those risks. It also spreads cultural awareness of risks among the work team through the training courses it organizes. There is a risk advisory committee from the advanced team in the bank that studies the proposals and recommendations submitted by the Risk Management Department. There is also a risk committee of the Board of Directors formed by a number of members of the Board of Directors. It is an independent committee linked to the Board of Directors, which in turn supervises this committee and checks the treatment of existing risks and ensures that stress tests are conducted periodically to measure the bank’s ability to withstand shocks and face high risks and discuss The results of the tests and the adoption of actions to be taken based on these results.
Legal Compliance and Compliance Control Division
This section undertakes the task of reviewing, following up and evaluating all policies, procedures and decisions issued by the senior management regarding the various activities of the bank, and indicating their consistency and compatibility with the laws, regulations, and instructions in force, the most important of which are the laws and instructions of the Central Bank of Iraq and the Companies Law. This section is concerned with ensuring compliance with the rules of conduct, standards and sound banking practices issued by the relevant authorities, and avoiding mistakes and violations, in cooperation and coordination with all bank branches and relevant departments, and the establishment of educational and training courses for this purpose. As well as laying the organizational foundations and executive mechanisms necessary to monitor the work and activities of the bank and all its organizational units to protect the bank from the risks of non-compliance, by ensuring that the bank, its internal policies and executive procedures comply with all requirements of laws, regulations, instructions, standards and sound banking practices issued by the Central Bank of Iraq and local and international bodies of history. working in banking.
Money Laundering and Terrorist Financing Reporting Section
This department plays an important and prominent role in supporting the bank and strengthening its capabilities in implementing the effective Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 as it performs its various auditing, oversight and directive activities through auditing, reviewing and following up on the work of the bank’s branches and departments and in full compliance with the anti-money laundering and terrorist financing law, instructions and controls issued pursuant thereto, including periodic and continuous auditing of all activities and reports related to withdrawal and deposit operations. And irregularities, especially with regard to the sources of funds. It also has a supportive role for the work of the bank in all its branches by organizing training courses for them to strengthen their skills in implementing and implementing money laundering and terrorist financing instructions.
Internal Legal Control and Audit Department
This department works diligently and continuously in order to achieve the highest level of oversight and audit according to the latest international systems and mechanisms that are always updated. The internal Sharia audit is a process of objective independent examination of the extent of the bank’s commitment to the principles and provisions of Sharia and the decisions and fatwas of the Shariah Supervisory Board in the exercise of all its activities. The internal procedure, where a comprehensive plan for auditing and review is developed, including a unit of time measurement with specific completion stages, and it is updated annually. It must be based on field observation and be approved by the head of the Shariah Supervisory Board and the Chairman of the Bank’s Board of Directors. Information related to the activity that will be monitored is collected, such as This includes products, services, branches and departments, determining the objective of the internal Shariah control and the scope of its work, obtaining fatwas, instructions and instructions of the internal external Shariah supervisory board for the previous year, and related correspondence, including correspondence with the supervisory and supervisory authorities, and determining the necessary resources to accomplish the internal Shariah control and communication within the bank with all Individuals who need to know the duties of Sharia supervision and conducting a survey of the areas that should be focused on in the internal Shariah control, according to what is appropriate, with the aim of identifying the activities, risks, and control controls, and inviting the entities that are being monitored to submit their comments and suggestions.
Human Resources Department
The human resources department is the main pillar in the bank, and it bears a major role in implementing and implementing the policies and strategies of the board of directors and senior management in relation to the management of the human element, which is the bank’s capital, which is the most valuable resource of the bank and mainly affects the achievement of the bank’s goals, efficiency and productivity.
Where the Human Resources Department works to implement all activities related to human resources by setting plans and policies that are consistent with the strategic directions of the bank and to ensure the efficiency and effectiveness of human resources procedures such as recruitment, training, salaries and incentives and performance evaluation – career path planning – application of internal policies and employee relations and compliance with laws the job.
Treasury and Investment Department
This section constitutes an important role in the bank’s work through managing liquidity and employing it to serve the bank’s interest by providing the required balances for the purpose of covering internal and external transfers and documentary credits, providing the required liquidity in order to invest the excess liquidity, following up the balances of branches, including ATMs, and following up on foreign exchange rates in an appropriate manner. Daily and provide the relevant departments.
Investing the surplus amounts in accordance with the approved Islamic banking laws in various fields to support the banking work and strengthen the bank’s activity. The investment policy of the bank aims to define the general framework and the basic principles adopted in managing the bank’s investments in money market tools and the capital market in foreign currencies and the Iraqi dinar.
Central Operations Department
Where this section alone includes credits, remittances, instant payments, and Swift. All of these units work with their full technical and human capabilities to provide comfort to investors at home and abroad through a network of financial services to transfer money inside and outside Iraq with a network of sober global banks that places the Nasik Islamic Bank for Investment and Finance among the forefront of banks Which provides the highest level of comfort, confidence, speed and accuracy to its valued customers.
Legal Department
A group of skilled legal professionals who have gained experience in banking work. Their role is to look into all the contracts that the bank intends to sign, as well as to ensure that all the bank’s contracts are in line with the laws of the Central Bank on the one hand and protect the bank on the other hand, as well as representing the bank before external and internal parties. The most important thing that distinguishes the staff of this department is that they always think outside the box in order to find solutions and the purpose of which is to serve the bank’s customers, who are the most valuable possessions of the bank, relying on Iraqi law and the law of Iraqi Islamic banks to achieve the highest level of business quality.
Financial Department
The financial department is considered one of the important departments in the bank, as it submits financial statements and final accounts and the accompanying specialized financial statements and reports, provided that it conforms to Islamic and international accounting standards and according to the laws, regulations and instructions in force from the Central Bank of Iraq and works on managing internal and external accounts through the network of precise systems Which works on preparing reports, statistics and financial movements inside and outside the bank with customers and companies.
Credit Department
It is one of the most important strategic departments that work to provide various Islamic credit services such as (Profit, Speculation, Sharing, Leasing, as well as letters of guarantee). All of these services are provided in a modern technical manner according to the latest software and within Islamic frameworks and under the supervision of the Shari’a Supervisory Board. Shari’a standards
have been approved by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)).
The Bank seeks to provide services and consultancy for economic projects and to support and study projects submitted by individuals within a diversified plan that applies the policy of financial inclusion and according to the laws, instructions and directives of the Central Bank of Iraq.
Information Security Department
It is considered one of the new emerging departments, which was developed under the direct guidance of the Central Bank of Iraq, and that our bank is one of the banks that is keen to implement global security standards for the governance of information security, cybersecurity and the integrity of its data according to modern frameworks approved by the Central Bank of Iraq and subject to the oversight of an accredited international observer.
The Bank seeks to provide services and consultancy for economic projects and to support and study projects submitted by individuals within a diversified plan that applies the policy of financial inclusion and according to the laws, instructions and directives of the Central Bank of Iraq.
Information Technology
Information technology is considered today the key to the success of any institution’s work. In the world of finance, information technology plays an important role in the success or failure of any institution and is the backbone of the bank’s work. The bank has invested all efforts and human energies to build a sophisticated and modern technological infrastructure and the best licensed electronic systems that aim at automating banking operations. One of the finest international origins at Al-Nasik Bank is an information technology infrastructure with high specifications and characterized by high capacity and speed. The bank also works on an integrated banking system that serves the needs of customers and according to their requirements, we have a high-quality data center that includes 44 servers working 24/7, high-quality monitoring systems and monitoring by dedicated security agencies, in addition to VDI technology and high-quality protection systems that protect Servers and the network completely and more than one level as well as users’ devices and control over all the operations that the user performs.
