Tag Archives | Rafidain Bank

Iraq to Privatise Govt’s Two Largest Banks

Shafaaq News reports that the Central Bank of Iraq (CBI) has announced its intention to privatize the two largest banks in the country. It quotes CBI Governor Ali al-Alaq as saying: “The bank’s management is moving to privatize al-Rafidain and al-Rasheed Banks or participate with the private sector … the move is being coordinated with […]

Rising Yields a Plus for Stocks

By Mark DeWeaver. Falling prices and higher dividends have led to a jump in ISX dividend yields this year. As of September 30, Rabee Securities’ RSISX index was yielding 4.5%, up from 1.5% in 2013 and 0.0% in 2012. Yields are also improving relative to local interest rates, which have been gradually declining. The RSISX […]

World Bank Involved in Bank Restructuring

By John Lee. The acting Finance Minister, Ali Yousef Shukri (pictured), is reported to have held a meeting with a representative of the World Bank to discuss the restructuring of the state-owned banks in Iraq. According to the report from NINA, the discussions related particularly to the Rasheed and Rafidain banks. (Source: NINA)

Integrity Commission Highlights Fraud at Rafidain Bank

Iraq’s Commission on Integrity has revealed details of fraudulent credit operations in the Ministry of Defense’s branch of Rafidain Bank, noting that the director of the bank granted illegal loans in excess of “150 billion Iraqi dinars” ($129 million). The commission said that the director of the bank allowed conditions for the granting of loans […]

Iraq Dumps Bombardier for Boeing, Airbus

Bloomberg reports that Iraqi Airways plans to halt an order to buy regional jets from Canada’s Bombardier in favour of larger planes most likely from Boeing or Airbus, after the government granted it a $300 million interest-free loan. The carrier is unlikely to convert on option to buy further 90-seat Bombardier CRJ900 planes after taking […]

Iraq Launches New State-Owned Islamic Bank

Iraq’s Cabinet has approved the establishment of a first state-owned Islamic bank in the country, said Mudher Saleh, deputy governor of the Central Bank of Iraq. This will bring to 12 the number of Islamic banks in Iraq. Two of the country’s six state-owned banks, Rafidain Bank and Rasheed Bank, opened Islamic banking units earlier […]

Iraqi Banks Struggle with Limited Services and Capital

Reuters reports that it’s a tough road ahead for Iraqi private banks required to raise their capital to boost business as they battle against decades of state dominance to win a slice of the asset base from government-run enterprises. It blames a poor credit culture, the lack of a modern banking system, and the dominance […]

Iraq to Provide Islamic Banking Services

Iraq’s Ministry of Finance and Central Bank announced on Tuesday that Iraq will provide Islamic banking services in major banks owned by the state, under a plan worth $42 million which will be implemented this month. The Finance Ministry said on its website that Islamic transactions will be facilitated in the Rafidain and Al-Rasheed banks […]

Private Banks Perform Better Than State-Owned – CBI

The Central Bank of Iraq (CBI) said on Friday that the performance of private banks is better than the performance of state-owned banks, indicating that the lack of restrictions and bureaucracy in private banks gave them a competitive advantage. Muzher Mouhammed Saleh, the chancellor of the CBI, told AKnews: “The future in Iraq will be […]

Al Rafidain Bank – Tenders for Building Apartments

Al- Rafidain Bank of Iraq, in cooperation with the National Investment Commission, announces the intention to invest the land number 07/14/1877 Mashtal / Waziriya, area of 5000 m ², for the establishment of six residential buildings for the staff of Al Rafidain Bank, in addition to services and up to 72 ( Seventy-two) apartments. Please […]