In April 2011, a group of Iraqi investors established a Private Shareholding Company in the name of International Development Bank for Investment and Islamic Finance. The bank was established with a paid up capital of 100 billion Iraqi dinars and it was further increased to 160 billion Iraqi dinars in June 2012. The investors group's vision revolved around capitalizing on significant demand for a fully fledged Islamic Bank to provide a high class Islamic Banking products and services in Iraq.