By John Lee. Karkh Criminal Court in Baghdad has sentenced three defendents in the "tax deposit" scandal, often referred to as the "heist of the century." The case involves the theft of 3.7 trillion Iraqi dinars ($2.5 billion) from the General Tax Authority's account at the state-run Rafidain Bank. According to a brief statement from […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting focused on the reform of Iraq's banking sector, particularly Rafidain Bank, with representatives from Ernst & Young (EY) presenting recommendations. Key proposals included updating the bank's legal status, capital structure, and strategy to align with global banking standards. The recommendations will be submitted […]
By John Lee. As part of the Iraqi government's efforts to reform the financial and banking sectors, the Council of Ministers has approved the contracting of Rafidain Bank with K2 Integrity and up to three experts in the fields of compliance, anti-money laundering, and risk management. According to a statement from the Office of the […]
By John Lee. The Governor of the Central Bank of Iraq (CBI), Ali Mohsen Al-Alaq, chaired a supervisory committee meeting on the restructuring of the state-owned Rafidain Bank. Attendees included committee members from the Ministry of Finance, advisors to the Prime Minister, senior Central Bank officials, and representatives from Ernst & Young. The meeting reviewed […]
By John Lee. In a move to enhance the investment sector and align with the directives of the Ministry of Finance, Rafidain Bank has announced the issuance of the third series of reconstruction bonds for amounts of 500,000 and 1,000,000 Iraqi dinars. The bonds carry an annual interest rate of 6% and 8% for two […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has presided over a meeting with representatives from Ernst & Young (EY), specializing in auditing and financial consulting. The preliminary draft of the company's plan for restructuring the state-owned Rafidain Bank was discussed. According to a statement from the Prime Minister's office, he emphasized the need […]
By John Lee. Qi Card has announced the inclusion of all holders of Rafidain Bank cards in the Western Union money transfer service. Director Ali Hussein Mun'im said the decision was made in order to serve a broader segment of the public. Qi Card was established in 2007 as a joint venture between the private […]
By John Lee. The Iraqi Cabinet has approved a series of contracts with UK-based professional services firm Ernst & Young (EY), aimed at reforming Iraq's banking and insurance sectors: The first contract involves a comprehensive study on the restructuring of the state-owned Rafidain Bank and Rasheed Bank, with recommendations and a roadmap expected within six […]
By John Lee. Iraqi Prime Minister, Mohammed Shia al-Sudani, led a meeting on Tuesday to monitor the progress of banking reforms. The session, attended by the Finance Minister, Governor of the Central Bank of Iraq (CBI), and directors of government banks, focused on administrative and banking reforms initiated by the government as part of comprehensive […]
By John Lee. The Iraqi Cabinet has approved the completion of 30,000 housing units at the Basmaiyah residential complex outside Baghdad. Payment via Rafidain Bank to the Korean company Hanwha for completed housing units was also approved. The National Investment Commission (NIC) was also authorized to proceed with the remaining 70,000 units. (Source: Media Office […]
By John Lee. Samsung Electronics Middle East has signed a memorandum of understanding (MoU) with Iraq's Qi Card. According to a press release from Samsung, the partnership "aims to provide advanced technological products and solutions to traders, citizens, and agents of both companies with attractive commercial offers throughout Iraq." It adds: "The two companies will […]
From The Economist. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. The plot thickens over Iraq's bank heist The exposure of crookery surrounding Iraq's tax revenues has rattled rulers, past and present. Read the full article here (subscription needed).
