First Abu Dhabi Bank to open Office in Iraq

By John Lee.

First Abu Dhabi Bank (FAB) has announced that it will open a representative office in Iraq.

The new representative office will primarily service Sovereign and Government Related Entities (GREs), Financial Institutions and Iraqi institutional clients in addition to clients with business interests in Iraq.

Hana Al Rostamani (pictured), Group Chief Executive Officer of FAB, said:

The opening of FAB in Iraq supports our international expansion strategy and underlines our commitment to facilitate trade between the UAE and growth economies.

“By leveraging our strong UAE and regional core, and focusing on top-tier, identified clients, our presence will position FAB to drive opportunities in support of Iraq’s economic development, including ongoing investment required to rebuild and enhance the country’s infrastructure.

(Source: FAB)

The post First Abu Dhabi Bank to open Office in Iraq first appeared on Iraq Business News.
Source: Iraq News

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Why Iraq cannot afford a Stronger Dinar

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Why Iraq cannot afford a stronger dinar

While Iraq’s political elites remain in deadlock over government formation, the value of the Iraqi dinar has reemerged as a source of contention over which to score populist points.

To this end, the parliament-upon the initiative of Deputy Speaker Hakem Al-Zameli of the Sadrist Movement-hosted Finance Minister Ali Allawi on Feb. 28 to address the exchange rate and the impacts of inflation on ordinary Iraqis.

The federal supreme court will on March 14 also host Allawi and the governor of the Central Bank of Iraq (CBI) based on a lawsuit that demands the strengthening of the dinar.

The CBI devalued the national currency in Dec. 2020 amid a severe drop in global crude prices, which threatened economic collapse given Iraq’s heavy dependence on oil export revenues. The devaluation was highly unpopular as it resulted in an immediate increase in prices of imported goods.

The full report can be viewed here (registration required).

The post Why Iraq cannot afford a Stronger Dinar first appeared on Iraq Business News.
Source: Iraq News

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Mosul Bank has selected Irish-based CR2, one of the world’s leading software vendors in the digital banking and payments market, to accelerate its digital banking transformation strategy in the Iraqi market.

This latest win for CR2 will see Mosul Bank offering a more advanced digital banking service to the Iraqi retail and corporate banking market, across both mobile and internet access points. New and existing customers can expect to enjoy a more enhanced digital experience with an engaging UX, digital onboarding, easy payments and an array of banking and personal support services that meets the demands of today’s digital customer.

Built upon CR2’s award winning, highly configurable and flexible platform – BankWorld – Mosul Bank will roll out a range of off-the-shelf functionality and can further drive local innovation with the ability to easily design and launch new products and services to meet local requirements. Offering a market leading digital service will drive digital adoption of their existing base, attract new customers and better serve their expanding corporate/SME customer segment.

Mr. Munaf Salim, Chief Information Officer of Mosul Bank commented:

Mosul Bank has signed a definitive agreement with CR2 that will help our ambition in becoming the market leader in the Iraqi Banking industry. CR2’s BankWorld platform allows us to carve out a new digital experience in Iraq that has not been seen in this market before.

“The capabilities of CR2’s platform will drive our digital adoption base, reduce the cost of customer onboarding, provide more comprehensive digital services to our retail and corporate customers and overall offer a more enhanced user experience that meets the rising demands of today’s digital customer with digital transformation throughout the financial services sector.

Chief Executive of CR2, Fintan Byrne added:

“CR2 are very pleased to have been selected by Mosul Bank and are proud to help them lead digital banking transformation in Iraq. We are supporting a growing number of banks across the Middle East region and Iraq, like other countries in the region, represents a market where there is a real sense of urgency for banks to advance their digital offerings to compete and remain relevant in the face of intensifying competition. Succeeding requires innovation, adaptability and selecting a suitable software vendor who shares their vision and ambition.”

(Source: CR2)

The post Mosul Bank selects CR2 to Accelerate Digital Banking first appeared on Iraq Business News.
Source: Iraq News

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Iraq to provide Loans to Import Sprinklers

By John Lee.

The Iraqi Cabinet held its regular meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.

After discussions, the Cabinet instructed the Ministry of Finance to provide sufficient liquidity to provide loans to farmers to import sprinkler irrigation systems.

The systems may be pivot or fixed types, and must be bought from “solid international companies“.

Funding will be provided through the Central Bank of Iraq (CBI) at an interest rate of five percent.

(Source: Govt of Iraq)

The post Iraq to provide Loans to Import Sprinklers first appeared on Iraq Business News.
Source: Iraq News

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From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Dinar debacle pits Iraq’s finance minister against Sadrists

Iraq’s finance minister is caught in a worsening confrontation with the Sadrist Movement.

The clash erupted after Shiite cleric and politician Muqtada Al-Sadr took to Twitter on Feb. 17 to demand that top finance officials be summoned by the parliament over currency-related issues.

Importantly, Sadr’s call for a halt to the smuggling of hard currency may also be targeted at Iran.

The full report can be viewed here (registration required).

The post “Dinar Debacle” pits Iraq’s FM against Sadrists first appeared on Iraq Business News.
Source: Iraq News

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By Layal Shakir, for Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iraqi central bank suggests halting business, financial dealings with Russia

The Central Bank of Iraq (CBI) on Wednesday suggested halting business operations and financial dealings with Russia following America’s far-reaching sanctions as the Russian invasion of Ukraine continues for the seventh day.

Click here to read the full article.

The post Iraqi Central Bank may Stop Financial Dealings with Russia first appeared on Iraq Business News.
Source: Iraq News

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