Banking and FinanceEconomy

Finance Ministry Meeting: Restructuring Iraq’s Major Banks

Baghdad, February 5, 2025

The Ministry of Finance convened a meeting today to review the ongoing procedures for the restructuring of Al-Rafidain and Al-Rasheed banks, as well as insurance companies.

Finance Minister Taif Sami presided over an extensive session that included the head of the Insurance Bureau, directors of government banks, representatives from insurance firms, and Ernst & Young, a leading international audit and consultancy firm. The meeting was focused on the implementations required for the restructuring of the mentioned banking and insurance institutions.

In her remarks, Minister Sami emphasized that this restructuring initiative is pivotal for enhancing financial stability and improving the operational efficiency of government banks in alignment with international standards. She underscored the necessity of progressing banking systems, strengthening internal controls, and deploying targeted training programs for banking personnel to facilitate the delivery of advanced financial services.

The strategic plan discussed will feature the integration of modern banking technologies, such as electronic payment systems, bolstering transparency, refining capital management, and completing a comprehensive banking framework. It will also involve collaborations with international financial institutions to leverage global best practices, alongside establishing precise timelines for implementing these improvements, aimed at increasing the effectiveness of government banks and supporting the national economy.

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