Al-Rafidain Bank Director-General: Financial Technology Will Shape Iraq's Banking Sector
Baghdad – INA
The Director General of Rafidain Bank, Ali Al-Fatlawi, emphasized that the bank has undergone a significant transformation in recent years, positioning itself as a cornerstone of Iraq's modern banking sector through the adoption of financial technology, the promotion of financial inclusion, and adherence to international standards of integrity and compliance.
A Holistic Vision for Success
Speaking to the Iraqi News Agency (INA), Al-Fatlawi stated, 'Success is not merely the result of administrative decisions, but rather a comprehensive vision based on investing in human capital, forging strategic partnerships, and enhancing banking services in line with the latest global standards.'
Investing in Human Capital: The Key to Growth
Al-Fatlawi stressed that no financial institution can achieve sustainable success without a skilled workforce. 'Developing our employees has been a top priority, with substantial budgets allocated for training. We have sent staff to educational programs both inside and outside Iraq and partnered with the American University of Baghdad to deliver advanced programs in banking management, financial risk, and compliance.'
Strengthening Financial Integrity and Compliance
Al-Fatlawi highlighted the bank's commitment to financial integrity, stating that it has adopted advanced anti-money laundering and counter-terrorism financing systems, including the UN-backed goAML (Anti-Money-Laundering System). Additionally, Rafidain Bank has collaborated with global firm K2 to enhance compliance frameworks.
'These steps have strengthened our credibility with international regulatory and banking institutions and improved our position in the financial market,' he said.
Financial Inclusion for a More Stable Economy
He underscored the importance of financial inclusion, describing it as an economic necessity rather than an option.
'We have launched a dedicated team to develop banking initiatives and played a key role in streamlining electronic payment revenues for most government institutions, reducing cash dependency. We also introduced digital payment services that enable employees and retirees to access their entitlements seamlessly.'
Financial Technology: The Future of Rafidain Bank
Al-Fatlawi announced the launch of ATM services for the first time, alongside a new savings card that allows customers to invest their funds efficiently.
'We are also in the process of introducing credit cards, facilitating financial transactions both inside and outside Iraq, positioning Rafidain Bank among digitally advanced institutions,' he confirmed
Strategic Partnerships to Enhance Banking Capabilities
He pointed to partnerships with global entities such as Ernst & Young (EY) for banking governance development and K2 for financial compliance.
'These collaborations have boosted our operational efficiency and aligned us more closely with international banking standards.'
A More Advanced Banking Future
Al-Fatlawi concluded that Rafidain Bank is entering a new phase of development and influence within Iraq's financial sector.
'With the continued rollout of digital services, the expansion of financial inclusion, and the strengthening of global partnerships, we aspire to make Rafidain Bank a model for banking excellence in Iraq and the region,'he further noted.
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