Executive: Iraq attempts at opening banking cooperation horizons on Arab and international levels

Iraq attempts at opening banking cooperation horizons on Arab and international levels via establishment of banking relation with them aiming to increase the size of foreign banking transactions through opening documentary credits, issuing letters of guarantee and conducting investment processes and foreign transfers. In this context, Al-Rafidan Bank’s General Manager, Basim Kemal Al-Hasani said that the Bank is attempting at more achievements supporting the national economy and keeping pace with the achievements of developed world in the banking business systems, adding that the final touches were placed for executing the project of activation of the Master Card service, in coordination the smart card international company, according to Al-Sabah Newspaper.

He stated that this project is considered a financial achievement in the field of cash credit and banking business that enables the bank to offer its services to the customers in consistency with the development occured in all the developed countries in the field of marketing through the direct card or the internet for the purpose of withdrawing amounts, in addition to using ATMs through this service.

Al-Hasani stated that the Master Card can be defined as a credit card containing a cash balance that allows its holder to withdraw therefrom any time and any place. One of the features of this service is that the holder quits dealing in cash, in addition to the possibility of using it in several fields in daily life .

He refers that Rafidain bank is seeking to pay the pension of the retirees living outside Iraq via the electronic card in order to guarantee  the easy use of the card by any ATM belongs to the foreign bank and he added that the bank administration seeking to rise the standard of performance for all staff , in this regard the bank have reached an agreement with the foreign banks to make training courses for the bank employees to train them on the latest, international and banking technologies in the banking field .

He stressed that there are future Instructions including Restructuring  of the bank and ridding the budget of the previous debt, Where settlement has reached approximately to  90% ,which gave us a clear view to the bank's budget and also we put an expansion plan for global engagement and presence through new foreign branches .Mr. Al-Hasani  has mentioned that Rafidain bank a first established its London presence in1952,the first Arabic  bank in Europe and it had a significant role in the  Iraqi foreign banking performance and It occupied a privileged building in leaden-Hole street . referring that In light of the settlement which have been made regarding the united kingdom debt payment , the general administration make it's efforts to restore the presence of this edifice, in which the bank license still pending and not canceled in addition to that the British side  expressed its readiness to study  the re-establish of the branch to be ancient and modern window for Trade banking operations with Iraq.

We note that Rafidain bank have currently 161 branches in side Iraq in addition to 7 branches outside Iraq in the following cities ( CAIRO , BERUIT , ABU DHABI , BAHRAIN , SANA'A , AMMAN , JABAL AMMAN ).

Rafidain bank was been established according to the Law no.33  in 1941 and commenced its operations in 19/5/1941 with a paid up capital of 50 thousand IQD , the bank had passed through several stages during its historic career First represented his presence as a first national bank deals with commercial banking among several foreign banks, It started to expand gradually inside Iraq , Then it has gone through multiple integration phases started in 1964 included the commercial bank  which were working in Iraq where it was consolidated with the Rafidain Bank in 1974  ,which became the only commercial bank in Iraq and it continued to work alone in the field of banking till 1988 which witnessed  the establishment  of  another government bank  (Rasheed bank) , which begun its work with the branches of Rafidain bank.