Rasheed Bank issues official letter launching loan and advance package dated 19 October 2026
Rasheed Bank announced on Tuesday, in an official letter dated 19 October 2026, a package of banking services including advances and loans for employees and retirees with varying terms and repayment periods.
The state-owned Rasheed Bank issued an official letter dated 19 October 2026 announcing the launch of a package of banking services that includes advances and loans with varying amounts and repayment periods.
The package includes employee advances ranging between 5 million and 25 million dinars for five years, at an 8% annual declining interest rate, granted without a guarantor. The bank also set advances for contract employees (category “contracts”) of up to 5 million dinars for the same period and at the same interest rate and without a guarantor.
The document also included retiree advances ranging between 5 million and 15 million dinars for five years, at a declining 8% interest rate and without a guarantor.
As for other financing products, the letter provided for installment loans ranging from 5 million to 125 million dinars, with installments extending up to 12 months, and loans directed at employees and retirees ranging between 250,000 dinars and 25 million dinars with repayment periods of up to 36 months.
The bank included a number of additional services in the list, among them a Visa credit card with a limit of up to 5 million dinars, a marriage advance up to 10 million dinars for five years, and loans for renovation and maintenance of housing units of up to 75 million dinars.
The letter also listed loans dedicated to health professionals of up to 80 million dinars for five years, university advances ranging between 25 million and 50 million dinars for five years, loans for private female teachers up to 100 million dinars, and loans to purchase 'agal' up to 50 million dinars.
In a related context, Finance Minister Faleh Sari had on Monday instructed the management of Rafidain Bank to launch financial loans for employees and to facilitate procedures for obtaining them, focusing on shortening the time required to complete transactions and simplifying application steps, providing banking facilities to the private sector and enabling its companies to access financing.
