Our story
Thirty years
with Karmal.
Karmal has navigated every market cycle, every regulatory shift, and every structural change that has shaped Iraq's financial system since 1995.
- 1995Founded in BaghdadAl-Karmal Financial Brokerage was founded as one of the first licensed brokerage firms in Iraq.
- 2014Union of Arab Stock ExchangesAl-Karmal joined the Union of Arab Stock Exchanges, affirming its presence within regional brokerage standards.
- 2022IRAKA: the sector's first technological shiftAl-Karmal launched “IRAKA,” the first licensed electronic trading platform in Iraq, marking the starting point for fully digitizing the trading experience for shareholders.
- 2023Bank of Baghdad dealAl-Karmal executed Jordan Kuwait Bank's acquisition of a 51.79% stake in Bank of Baghdad, completing all settlement obligations with full precision — one of the most prominent banking deals in Iraq.
- Jan 2024Listing on the Iraq Stock ExchangeAl-Karmal was officially listed under ticker FKSX, becoming a listed private shareholding company.
- 2025BDO Iraq partnershipAl-Karmal signed a memorandum of understanding with BDO Iraq, covering due diligence, financial valuation, IPO advisory, and governance and compliance, strengthening its internal control framework.
- 2025Amwaj IPO advisoryAl-Karmal served as advisor for the IPO of Amwaj International Real Estate Investments Holding, which closed with strong oversubscription and exceptional demand, reinforcing confidence in Iraq's primary market.
- 2026Regional expansion via TabadulAl-Karmal obtained approval from the Abu Dhabi Securities Exchange to operate as a remote foreign broker via the Tabadul platform, securing direct, licensed access to Abu Dhabi's capital markets.
- 2026Karmal Live: the only digitally licensed platformAl-Karmal launched “Karmal Live,” the only digitally licensed platform for direct trading in Iraq, built on infrastructure certified to ISO 27001 for information security — crowning three decades of development with the company's most significant technological and security achievement to date.
