Tag Archives | banking

Audio: How Can Iraq Upgrade Its Banking Sector?

From the Iraqi Voices podcast. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. How Can Iraq Upgrade Its Banking Sector? Iraqi Voices hosts Akel Al-Ansari, a commercial banking specialist, to discuss the current state of the banking sector in Iraq and what is […]

Mastercard, CBI to Promote Digital Payments in Iraq

By John Lee. Mastercard has signed a partnership agreement with the Central Bank of Iraq (CBI) to digitize the country's payment ecosystem in a bid to boost financial inclusion, encourage socio-economic development, mitigate the risks of a shadow economy and accelerate the advancement toward a cashless society. According to a statement from the company, the […]

First Iraqi Bank (FIB) selects ICSFS platform

By John Lee. First Iraqi Bank (FIB), a newly established digital bank in Iraq, has reportedly selected the ICS BANKS digital banking platform from ICS Financial Systems Limited (ICSFS), to start its operations in Baghdad, Iraq. Shaymaa Ali Hussein, Managing Director of First Iraqi Bank said: "The need for a digital bank in Iraq today […]

Iraqi Banks undertake Overdue Reforms

By Omar al-Jaffal for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi Banks undertake Overdue Reforms The Central Bank of Iraq (CBI) announced in a statement Dec. 19 the devaluation of the Iraqi dinar to 1,450 to help reduce the […]

Trade Bank of Iraq reports 68% Jump in Net Profit

By John Lee. The Trade Bank of Iraq (TBI) has reported that it has achieved a "robust growth" in revenues and in key financial areas during 2019, for another consecutive year with its consistent performance, preliminary report released by the bank for the financial year during 31/12/2019. In a statement, the bank said it posted […]

Iraqi "First Digital-Only Payment Card"

Iraq-based International Network for Cards and Digital Payment Services (INC Iraq) and a Lebanese fintech startup NymCard that is digitizing how payments cards are issued, delivered, and used, in collaboration with Visa have launched the first digital-only (prepaid) payment card ‘Neo‘ in Iraq to serve the underbanked Iraqi population, the two companies announced in a […]

Iranian Bank Opening 7 Branches in Iraq

An Iranian private bank has been authorized by the Central Bank of Iraq (CBI) to open seven branches in the Arab country, an official said. According to the Chairman of the Iranian Private Banks Institute, Koorosh Parvizian, the Iranian private bank has already opened two of the seven branches in Iraq. He noted that opening […]

StanChart "Expanding in Iraq as Safety Improves"

By John Lee. Standard Chartered bank is reportedly reviving stalled plans to open a new branch for corporate customers in Basra in the first half of 2020. This would be the UK-based bank's third branch in Iraq. Its Iraq CEO Mohammed Jawad Al-Delaimy told Bloomberg: “Security in Iraq has improved dramatically ... We have witnessed […]

Trade Bank of Iraq to open first Saudi Branch

By John Lee. The state-owned Trade Bank of Iraq (TBI) will reportedly open its first operational branch outside Iraq on Thursday. Chairman and President Faisal Al-Haimus told Arab News that the new branch in Saudi capital Riyadh will also be the only active Iraqi bank in the Kingdom. (Source: Arab News)