Latest news with #Al-RafidainBank
Iraq Business
17-05-2025
- Business
- Iraq Business
Rafidain Bank launches Phase II of Entrepreneurship Initiative
By John Lee. Iraq's state-owned Al-Rafidain Bank has announced the launch of the second phase of its "Riyada" initiative [Iraqi Riyada Network for Access Development and Advancement, IRADA Network], following the success of the first phase, which it says funded over 8,000 productive projects with a total of more than 107 billion IQD [$82 million]. The program, aimed at promoting self-employment and stimulating the local economy, marks a shift from traditional financing to a strategic developmental tool. General Manager Dr. Ali Karim Al-Fatlawi emphasized that the bank now views financing as a national mission to support youth, enhance local markets, and build a productive economy beyond rent-based practices. Funds have been allocated for new projects submitted through Riyada, subject to technical and legal evaluations. Dr. Hussein Falamrz, advisor to the Prime Minister, highlighted that more than 10,000 projects are ready for funding. The bank says he praised its proactive approach and collaboration with Qi Card to simplify procedures. Al-Rafidain called for broader national involvement, particularly from the Central Bank of Iraq (CBI), to establish: Easy financing windows for startups, A national fund to guarantee entrepreneurial loans, Integration of the Riyada initiative into the upcoming financial inclusion strategy. The bank sees entrepreneurship as a pathway to economic revival, driven by empowering young people rather than merely employing them. (Source: Al-Rafidain Bank) Tags: Central Bank of Iraq (CBI), cg, Entrepreneurship, featured, financial inclusion, Iraqi Riyada Network for Access Development and Advancement (IRADA Network), Micro- Small- and Medium-sized Enterprises Development Agency (MSMEDA), micro-small-and medium-enterprises, MSMEs, Qi card, Youth
Iraq Business
13-05-2025
- Business
- Iraq Business
Dinars to Dollars: Bank praised for Efficient Dollar Distribution
By John Lee. Customers have reportedly expressed widespread satisfaction with the smooth and organized process of dollar distribution at branches of the state-owned Al-Rafidain Bank. The bank says it has been distributing $2,000 per pilgrim at the official rate of 1,320 IQD per dollar, as set by the Central Bank of Iraq (CBI). In a statement, it said the distribution process has been efficient and problem-free, thanks to "well-trained staff and advanced technical support". It added that pilgrims praised the professionalism and courteous assistance from the bank employees, emphasizing the high standards of service and the welcoming atmosphere at the branches. To meet the needs of departing pilgrims, Al-Rafidain Bank opened its designated branches early on Friday and Saturday. This follows the CBI's announcement on Thursday of the list of banks approved for dinar-to-dollar transactions. (Source: Al-Rafidain Bank)
Iraqi News
12-05-2025
- Business
- Iraqi News
Al-Rafidain Bank launches Phase 2 of Riyada initiative: 10,000 new projects eyed for funding
Baghdad ( – Al-Rafidain Bank today (Monday, May 12, 2025) launched the second phase of its 'Riyada' initiative, aimed at funding entrepreneurial projects across Iraq. This follows a successful first phase that saw over 8,000 individual projects financed with more than 107 billion Iraqi dinars. Director General of Al-Rafidain Bank, Ali Karim Al-Fatlawi, stated the bank now views such funding as a 'strategic national development tool' to support youth, stimulate local markets, and build a productive economy. Prime Minister's Advisor, Hussein Fallamarz, noted that over 10,000 new projects are ready for financing in this second phase. Al-Fatlawi emphasized that sufficient funds are allocated, pending project assessments, and called on institutions like the Central Bank of Iraq to create accessible financing for startups and a national loan guarantee fund for entrepreneurs. He highlighted Al-Rafidain's transformation into a leading national platform for entrepreneurship. The initiative, praised for its collaboration with Qi Card in streamlining processes, marks a significant government-backed push to foster self-employment and boost Iraq's local economy through empowering its emerging business talent.
Shafaq News
10-04-2025
- Politics
- Shafaq News
Iraqi Red Crescent warns of Gaza donation scams
Shafaq News/ On Thursday, the Iraqi Red Crescent Society warned against fraudulent fundraising campaigns falsely using its name to solicit donations for Gaza. In an official statement, the organization alerted the public to online scams operated through 'fake pages' claiming coordination with Al-Rafidain Bank, urging citizens to avoid unverified donation efforts. 'We reaffirm our commitment to ongoing humanitarian efforts and will prosecute anyone impersonating the Red Crescent,' the organization asserted. The alert comes as Israeli military operations intensify in Gaza following the collapse of ceasefire efforts. Since October 2023, more than 50,700 Palestinians—primarily women and children—have been killed, according to Gaza health authorities. Meanwhile, humanitarian conditions continue to deteriorate. No aid has reached the enclave since March 2, leaving 2.1 million residents cut off. Relief agencies warn that the prolonged blockade is pushing civilians toward catastrophe and exposing aid workers to growing risks.
Shafaq News
28-02-2025
- Business
- Shafaq News
Iraq's Al-Rafidain Bank warns against Crypto and Forex trading
Shafaq News/ On Friday, Iraq's Al-Rafidain Bank warned customers against trading in digital currencies and Forex. 'In line with the Central Bank of Iraq's directives, we urge customers to refrain from using electronic payment tools, including cards and e-wallets, for cryptocurrency or Forex transactions, whether directly or on behalf of others,' the bank stated. The bank underscored that engaging with unlicensed entities in these activities could result in fund losses or regulatory action.
