By John Lee. Iraq's Federal Commission of Integrity has disrupted an attempt to fraudulently obtain nearly IQD 1.5 trillion (USD 1.1 billion) from two state-owned banks in Baghdad. A field team from the commission's Baghdad Investigations Directorate, working in coordination with judicial authorities, apprehended three suspects at the headquarters of Rafidain Bank. The suspects were […]
By John Lee. Iraq's state-owned Rasheed Bank is preparing to facilitate the sale of US dollars to pilgrims ahead of the upcoming Hajj season. The bank has instructed its branches to implement logistical arrangements, including increasing staffing levels, to ensure efficient processing of expected demand. According to the bank, the measures form part of a […]
By John Lee. Rasheed Bank has been authorised to contract Ernst & Young (EY) to carry out financial and banking audit and oversight work, as part of Iraq's banking sector reform programme. The decision was approved on Tuesday during a regular session of the Council of Ministers chaired by Prime Minister Mohammed Shia Al-Sudani. The […]
From Shafaq. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Liquidity shortfall freezes lending at Iraq's state banks Government lending programs remained suspended on Thursday as Iraq's state-owned banks, most notably Rafidain Bank and Rasheed Bank, continued to halt advances and loans due to […]
By John Lee. Discussions have been held on the restructuring of state-owned banks and the insurance sector as part of Iraq's financial reform programme. The meeting took place at the Ministry of Finance under the chairmanship of Minister of Finance Taif Sami Mohammed, with representatives of Ernst & Young, alongside senior officials from the Ministry […]
By John Lee. State-owned Rasheed Bank has launched specialised loans for purchasing renewable energy systems, specifically solar panels, with financing provided directly by the Central Bank of Iraq (CBI). The initiative allows citizens and public sector employees to apply for loans of up to 30 million Iraqi dinars [$21,000], at an interest rate of just 3 […]
By Padraig O'Hannelly. Iraq is embarking on a comprehensive restructuring of its banking sector with the assistance of leading international consultancy firms, according to Dr Salih Salman, Advisor to the Iraqi Prime Minister, speaking at the Iraq Britain Business Council (IBBC) Spring Conference in London on Tuesday. The Iraqi government has appointed Ernst & Young […]
By John Lee. Prime Minister Mohammed Shia' Al-Sudani addressed the Conference on Reforming the Iraqi Banking Sector on Monday, outlining an ambitious agenda to modernise Iraq's financial infrastructure and promote sustainable economic development. Key initiatives and achievements highlighted in the Prime Minister's address include: Implementation of a three-year national budget, enabling long-term planning and strategic […]
By John Lee. Prime Minister Mohammed S. Al-Sudani chaired a meeting on Sunday to review the reform process for Rafidain Bank and Rasheed Bank, with representatives from Ernst & Young (EY) in attendance. The discussions focused on aligning the banks' operations with international standards, addressing debt repayment mechanisms, and enhancing staff training. The Prime Minister […]
By John Lee. Prime Minister Mohammed S. Al-Sudani has chaired a meeting with representatives from Ernst & Young (EY) to discuss the development of state-owned banks, focusing on the restructuring of Al Rafidain Bank and Al-Rasheed Bank. The restructuring plan includes comprehensive technical and administrative reforms aimed at enhancing banking services for citizens and businesses. […]
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. A new road map has been put in place for the continuation of work on the the giant Bismayah New City project on the outskirts of Baghdad. According to a statement from the National Investment Commission (NIC), South Korean company Hanwha is expected to sign a revised contract in the coming weeks, […]
