Even the Iraqi M1A1M Abrams can't take the new generation of ATGM's well which IS has in some quantities. They could've pushed for local production of T90MS perhaps even, the problem is finance. Whilst Iraq is very rich money somehow is short, maybe corruption or maybe the high need for money in other sectors such as electricity and mainly reconstruction of Mosul, Ramadi, Fallujah etc.
Iraq has planned its tank inventory in several levels for the short-term given the restricted availability of money.
With the tier 1 level tanks being the Abrams and T90's, followed by T72's and the Kafeel tank providing PMU with armored mobile heavy strike capability for which otherwise they'd have to rely on the army 9th division. T90, M1 Abrams or Kafeel tank. It won't make that much difference when it comes to fighting a group like IS.
For anti-tank capability Iraq currently relies on its tanks, ATGW and air assets (Su-25's, helicopters etc.) It fills the gap and allows other sectors to be developed, including air defense (S-400 perhaps). It will take many years as arms are expensive, but it's unlikely we will see a tank inventory like during Saddam's regime with 6000 or even 1000 tanks. A more realistic push is to 600 tanks.
When it comes to effective anti-tank weapons I believe Iraq should upgrade its existing SU-25's to the newest, they'd be a capable tank destroyer.