ARTICLE AD BOX
RAFIDAIN BANK GENERAL MANAGER: FINANCIAL TECHNOLOGY IS THE FUTURE OF THE BANKING SECTOR IN IRAQ
Rafidain Bank’s General Manager, Ali Al-Fatlawi, confirmed that the bank has witnessed a qualitative transformation in recent years, becoming a pillar of the modern Iraqi banking sector through adopting financial technology, enhancing banking inclusion, and adhering to international standards of integrity and compliance.
Al-Fatlawi said in a statement reported by the official news agency, and reviewed by “Al-Eqtisad News,” that the success was not merely the result of administrative decisions, but rather an integrated vision based on investing in human capital, building strategic partnerships, and upgrading banking services in accordance with the latest international standards.
Al-Fatlawi believes that no financial institution can achieve success and sustainability without qualified personnel possessing modern skills. Therefore, investing in the development of the bank’s employees was one of our main priorities. We allocated large budgets for training, sent our staff to educational programs inside and outside Iraq, and contracted with the American University in Baghdad to implement advanced programs in banking management, financial risks, and compliance.
The General Manager of Rafidain Bank added that enhancing financial integrity was a priority, and we adopted advanced systems to combat money laundering and terrorist financing, including the UN-supported GoAML system, and cooperated with the global company K2 to develop compliance systems. He indicated that these steps strengthened the confidence of international regulatory and banking authorities in the bank and contributed to improving our position in the financial market.
He pointed out that financial inclusion is not an option, but an economic necessity. Therefore, we launched a team specialized in developing banking initiatives and contributed to the settlement of electronic payment revenues for most government departments, which reduced reliance on cash. We also launched electronic payment services that facilitated the easy collection of dues for employees and retirees.
He announced the launch of the ATM service for the first time, and the introduction of a savings card as a new service to enable customers to invest their money intelligently. We are also in the process of issuing a credit card, which will facilitate financial transactions inside and outside Iraq, placing us among the ranks of digitally advanced banks.
The General Manager of Rafidain Bank pointed to the establishment of partnerships with global institutions such as Ernst & Young (EY) to develop banking governance, and with K2 Global to enhance financial compliance, noting that these partnerships have increased the efficiency of our operations and made us more compliant with international banking standards.
He explained that Rafidain Bank is at the beginning of a new, more advanced and influential phase in the Iraqi financial landscape, as we continue to launch digital services, enhance financial inclusion, and expand our international partnerships. He indicated that we aspire to make Rafidain Bank a model of banking leadership in Iraq and the region.
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