Elaf Islamic Bank was incorporated as 'Al Baraka for Investment and Finance' in the year 2001 with an initial capital of Iraqi Dinar (IQD) 2 billion. The Bank transformed its operation to Islamic Banking from Conventional Banking in 2007 with an increase in capital of IQD 8 billion. In the subsequent years, the tangible equity share capital was augmented to IQD 20 billion in 2009, IQD 50 billion in 2010, IQD 100 billon in 2011 and IQD 152 billion in 2012.