Iraqi Private Banks Set Up Electronic Banking Co

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Iraqi Private Banks Set Up Electronic Banking Co

Post by kevlad on Sun Jul 13, 2008 4:47 am

09 Jul 2008 10:27 GMT ZDJ Iraqi Private Banks Set Up Electronic Banking Co - Exec


AMMAN (Zawya Dow Jones)--Six private Iraqi banks have set up a new electronic banking services company with the aim of improving the Iraqi banking system, which is lagging behind international standards, the head of the new firm said Wednesday.


Atheer Al Qadi said the company, called Amual (Money), aims at introducing electronic banking services such as credit cards, ATM cards and machines and points of sales for the first time in Iraq.


"The company was set up by six private Iraqi banks," Al Qadi told Zawya Dow Jones in an interview in Amman.


The banks are Credit Bank of Iraq, Ashur Bank, Al-Khalij Bank, Iraqi Trade Bank, Bank of Baghdad and Middle East Bank, he added.


Initial capital of the company is around $4 million, Al Qadi said.
Some $ 3.5 million of the capital was contributed by one of the donor countries, while the rest was contributed by the six banks.
Four more banks announced that they would join the company, he added.
Four more banks announced that they would join the company, he added.

"Our first objective is to rehabilitate Iraqi banks to the standard that they can issue Mastercards, which can be used all over the world," Al Qadi, who is also member of the board of directors of Ashur Bank, said.


Iraq's money-transfer system is archaic.
There are no automated-teller machines and no nationwide system for electronically wiring cash.
As a result, bricks of bills are disbursed across the country in trucks.
Iraqi state-run banks, including Rafidain and Rasheed, haven't yet issued payment cards for their customers.


Amual, whose main office is in Baghdad, is planning to set up ATM machines all over the country and to have ATM and credit cards issued by Iraqi banks that can be used in Iraq and outside Iraq through connecting banks with the international banking switch, Al Qadi said.

The new lender would also install point of sale machines in supermarkets, restaurants, hotels and airports where customers can pay their bills through these machines by using payment cards, he added.


The company is finalizing a deal worth around $1 million with a "regional financial institution" in order to link Iraqi banks with the international banking switch, he said.




http://www.zawya.com/channel.cfm/num51/obj2240355D-8F1A-11D4-867000D0B74A0D7C/SecCountries/pagIraq/chnIraq%20News

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Re: Iraqi Private Banks Set Up Electronic Banking Co

Post by RV_Time on Sun Jul 13, 2008 8:35 pm

I wonder why Warka isn't part of the network.

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Re: Iraqi Private Banks Set Up Electronic Banking Co

Post by rich man on Sun Jul 13, 2008 10:24 pm

Warka's name will pop up.......this is good news!

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Re: Iraqi Private Banks Set Up Electronic Banking Co

Post by AbuSpinoza on Mon Jul 14, 2008 3:04 am

Warka set up a system called Watani (i believe was the name) back in 2006.
They are ahead of most banking infrastructures in Iraq.

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Re: Iraqi Private Banks Set Up Electronic Banking Co

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