Rafidain Bank loan puts Tikrit families’ homes at risk

Shafaq News- Saladin

Residents of the Taiba residential complex in Tikrit, central Iraq, have warned of a “humanitarian catastrophe” as their homes face possible seizure and public auction over a bank loan they say was granted to the project’s investor using the complex as collateral without their knowledge.

Speaking to Shafaq News, residents explained that they had purchased their homes from the investor and paid the required installments before discovering that state-owned Rafidain Bank had accepted the complex as security for the loan. The dispute emerged after the investor allegedly failed to repay the bank.

Rafidain is seeking about 23 million dinars (about $15K) for each home, according to the residents, who fear nonpayment could result in their properties being confiscated and auctioned despite the installments they had already paid to the investor.

During a protest outside their homes, the families urged the federal and Saladin governments, the Finance Ministry, parliament and the National Investment Commission to intervene, while also requesting an investigation into how the loan was granted, the collateral provided and the legal procedures involving units already purchased by residents.

In September, informed sources disclosed to Shafaq News that Iraq’s Federal Integrity Commission, the country’s anti-corruption watchdog, and other regulatory bodies were examining loans and credit facilities of at least one billion dinars at state-owned banks, particularly Rafidain and Rasheed, including financing for investment projects and whether it complied with banking regulations.

Separately, an informed source previously revealed that several former Rafidain Bank managers had been arrested that month in coordination with the Integrity Commission over suspected corruption and misuse of public funds.

1 USD = 1,520 IQD