Latest news with #Iraqis
Mid East Info
21 hours ago
- Business
- Mid East Info
MENA Fintech Association Launches Iraq Chapter, Appoints Bahaa Abdul Hadi as Country Chair - Middle East Business News and Information
(DUBAI) — The MENA Fintech Association (MFTA), the leading not-for-profit organization dedicated to fostering fintech innovation and collaboration across the Middle East and Africa, today announced the launch of its Iraq Chapter. Mr. Bahaa Abdul Hadi, a distinguished Iraqi-Canadian entrepreneur and fintech pioneer, has been appointed as the Chapter Chair, bringing his extensive expertise and vision to drive digital financial transformation in Iraq and foster international compliance in Iraq. Bahaa Abdul Hadi will lead the association's initiatives in Iraq, focusing on accelerating fintech adoption, fostering collaboration, and supporting the country's evolving financial risk and compliance infrastructure. A Vision for a Digital Iraq Iraq's financial sector is witnessing a wave of transformation, driven by digital banking initiatives, mobile payments, and fintech innovation, and fueled by economic reforms, increasing financial inclusion, and rapid digital adoption. The introduction of the Digital Payment Regulation No.2 of 2024, aiming to reduce cash dependency, increase transparency, and drive greater adoption of digital payment tools, marks a significant leap towards a cashless economy. Backed by the Central Bank of Iraq (CBI), and United Nations Development Programme (UNDP), this regulation is designed to modernize Iraq's financial infrastructure, enhance financial inclusion, and align with international best practices. The total volume of digital transactions in Iraq surged from 2.6 trillion to 7.6 trillion Iraqi Dinars within a year, reflecting growing trust and adoption of digital finance. The launch of the MFTA Iraq Chapter comes at a pivotal time when the nation is embracing financial technology as a key enabler of economic stability and growth. With fintech investments on the rise, supported by regulatory advancements and a growing digital economy, Iraq is poised to emerge as a leading fintech hub in the region. Mr. Bahaa Abdul Hadi, a visionary leader and fintech advocate, has played a crucial role in shaping Iraq's digital financial sector. As the co-founder of International Smart Card (ISC) in 2009, he introduced flagship Qi Card, a pioneering biometric payment solution that transformed Iraq's financial landscape by offering secure and efficient digital transactions. Under his leadership, ISC has become a cornerstone of Iraq's fintech ecosystem, serving both public and private sector partners while driving financial inclusion for millions of Iraqis. 'The future of Iraq is digital, and fintech is at the heart of this transformation. Through the MFTA Iraq Chapter, we are creating an ecosystem that fosters innovation, collaboration, and financial empowerment,' said Bahaa Abdul Hadi, Chair of MFTA Iraq. 'By working closely with regulators, financial institutions, and technology innovators, we aim to drive the adoption of secure and efficient digital payment solutions that serve the needs of the Iraqi people and businesses.' The Role of MFTA Iraq With Iraq undergoing economic diversification and digital transformation, the MFTA Iraq Chapter will play a vital role in accelerating fintech collaboration through key initiatives: Promoting Innovation Strengthening Collaboration Enhancing Financial Literacy Supporting Regulatory Advancements Fintech for the Good With a community of 22,000+ members spanning the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Egypt, Morocco, and Ivory Coast, MFTA is playing an increasingly pivotal role in shaping digital banking policy, regulatory engagement, and market development. Through its dedicated country chapters – including MFTA BAHRAIN, MFTA SAUDI, MFTA QATAR, and MFTA AFRICA – MFTA ensures MENA's fintech ecosystem remains globally competitive and innovation-driven. The country chapter will unveil its 2025 roadmap in the coming weeks, detailing strategic initiatives focused on regulatory modernization, digital banking infrastructure development, and fintech for the good. Nameer Khan, Chairman of the MENA Fintech Association, said: 'Iraq's fintech transformation is a pivotal step toward a digitally inclusive and resilient economy. The launch of MFTA Iraq is more than expansion — it is about positioning Iraq as a key player in the region's fintech evolution. With increasing digital adoption and regulatory progress, Iraq has an opportunity to leapfrog into a thriving fintech hub.' 'MFTA Iraq, under the visionary stewardship of Bahaa Abdul Hadi, will drive regulatory dialogue, foster public-private partnerships, and embed fintech into Iraq's financial future. This is about economic empowerment, cross-border trade, and integrating Iraq into MENA's fintech landscape. MFTA is committed to ensuring fintech innovation in Iraq is recognized, scaled, and aligned with global financial trends', Nameer Khan added. The MFTA Iraq Chapter is set to play a crucial role in shaping the future of financial services in Iraq. With a strong focus on digital innovation, regulatory collaboration, compliance and financial inclusion, the chapter aims to drive economic growth and position Iraq as a fintech powerhouse in the region.
Shafaq News
a day ago
- Business
- Shafaq News
Waiting for work: Iraq's youthquake that never hit
Shafaq News At 26, Maryam from Babil province holds a degree in administration and economics, yet her path to stable employment has been fraught with obstacles. After graduation, she was eager to start her career but quickly confronted the harsh reality of stalled public sector recruitment. As the Iraqi government hiring slowed to a crawl, competition for stable jobs grew fiercer. Determined not to be sidelined, Maryam shifted her focus to the private sector. She honed new skills to increase her competitiveness and ultimately secured a position. Yet even in the private sector, challenges persisted—intense competition, job insecurity, and unstable wages shaped her daily experience. Maryam's story reflects the struggles faced by thousands of young graduates across Iraq. She urges the government to collaborate with the private sector in launching comprehensive training programs, promoting entrepreneurship, and bolstering small and medium-sized enterprises (SMEs). For her, these steps are vital not only for economic recovery but also for restoring hope and dignity among Iraq's youth. 'Many of us are willing to work hard—we just need someone to invest in our potential,' she reflected to Shafaq News. 'We don't want to wait years for a job that may never come.' Idle Majority Iraq's population is overwhelmingly young, over 61% are under the age of 30, totaling nearly 28.7 million people in a country of 47 million. This demographic should serve as a tremendous advantage, yet it has become a pressing concern. In 2024, the International Labour Organization reported rates to exceed 36%, which is more than triple the national adult unemployment rate. Among young women, unemployment soars past 65%. A 2023 World Bank study further revealed that nearly 28% of university graduates under 30 remain unemployed, highlighting a severe mismatch between academic qualifications and market needs. 'We've entered a period where youth energy is overflowing, but the market is too weak to channel it,' economist Ali Al-Darraji told Shafaq News. Each year, approximately 700,000 young Iraqis enter the workforce. However, the state, historically the largest employer, can no longer absorb new graduates at scale. The public sector is saturated, while the private sector remains underdeveloped and unable to create sufficient job opportunities. Cracks in the Core Economist Safwan Qusai underscored the urgent need to refocus national efforts on human development, emphasizing that vocational and technical training, rather than solely academic degrees, offer the most effective pathway to bridge the skills gap and prepare youth for a globalized economy. 'We must invest in specialized tracks that reflect where global demand is headed—not just where tradition tells us to go,' Qusai urged in an interview with our agency. With around 15 million Iraqis of working age, Qusai stressed the importance of developing specialized certificates for high-demand skills. 'Shifting from theoretical knowledge to applied skills will lower labor costs, boost productivity, and expand employment across sustainable development sectors,' he noted. Currently, Iraq's private sector contributes only 37% to GDP, compared to over 60% in neighboring Jordan. Less than 18% of young Iraqis hold formal jobs in the private sector, while many remain underemployed or trapped in the informal economy. This structural weakness limits job creation, especially in impoverished provinces. The expert also highlighted the Central Bank's 4-trillion-dinar initiative (approximately $3.1 billion) as a crucial instrument for Small and Medium Enterprise (SME) growth. To date, over 2.1 trillion dinars (around $1.6 billion) have been allocated to nearly 10,000 small businesses, many youth-led or based in high-unemployment areas. Riyada Initiative In response to these challenges, Prime Minister Mohammed Shia Al-Sudani launched the 'Riyada' (Entrepreneurship) initiative in March 2023 to nurture innovation and self-reliance among Iraq's youth. Currently, over 828 training halls operate nationwide, supported by more than 1,000 certified trainers who equip aspiring entrepreneurs with essential skills. The program also facilitates access to financing through local banks, providing capital to transform ideas into viable businesses. Hussein Falamarz, the program's Executive Director and Adviser to the Prime Minister, described the initiative's five-step framework: online registration, in-person training, project feasibility assessment, digital loan applications, and a 10-year follow-up process. 'What distinguishes Riyada is its long-term vision—we're not handing out jobs, we're helping youth build livelihoods,' Falamarz explained to Shafaq News, adding, 'We are creating an ecosystem where young Iraqis can build their future without waiting for a government job.' He also noted that many of the program's beneficiaries, once excluded from the economy, are now contributing through their own ventures, stressing that plans are underway to expand 'Riyada' to the Kurdistan Region so that thousands more youth can benefit. Invest in the Youth Economic researcher Ahmed Abdul-Rahbeh viewed Iraq's youthful population not as a burden but as a strategic asset capable of propelling long-term development—if properly harnessed. Speaking with our agency, he further advocated revitalizing Iraq's role as the 'breadbasket of the Middle East' by expanding agriculture through modern irrigation, solar-powered greenhouses, and youth-focused financing. However, despite the fertile lands between the Tigris and Euphrates, these resources remain underutilized. Abdul-Rahbeh also called for public-private investments to revive foundational industries like cement, chemicals, and textiles, which could generate widespread employment across urban and rural areas. He proposed establishing a national 'Industry Support Day' to rally focus and resources around industrial revitalization. 'Youth don't want charity—they want a fair system where effort and innovation are rewarded,' he emphasized. Additionally, he highlighted the potential of emerging sectors such as medical technology, digital services, and agritech. While the private sector currently employs nearly 80% of Iraq's labor force, most jobs are informal, low-wage, and lack benefits. Only 7% of private sector workers receive pensions or healthcare coverage. To transform the labor market, Abdul-Rahbeh recommended aligning education with market needs, expanding vocational training, and offering five-year tax exemptions for youth-led projects in underserved provinces. He concluded that Iraq's demographic dividend can drive national development only through coordinated efforts among the government, private sector, and civil society, underpinned by flexible policies and continuous monitoring.
Mint
a day ago
- Business
- Mint
Iran is losing its stranglehold over Iraq
He was killed by an Israeli air strike in Lebanon last year. Yet the face of Hassan Nasrallah, formerly the boss of Hizbullah, is still plastered on posters all over Baghdad, Iraq's capital. Alongside them are images of other Shia militia leaders from Iraq, Iran and Lebanon. They have one thing in common: their outfits are backed by Iran. The posters are testament to Iran's long-standing influence in Iraq. Yet they also mask a growing dissatisfaction among Iraqis about their country's alignment with its bigger neighbour, particularly among the young. Many dreaded being dragged into Iran's war with Israel and America, and were relieved that their government stayed out of it. The response to calls by the militias to march on the American embassy during the war in June, which ended with a ceasefire after just 12 days, was lacklustre. As its influence wanes across the region, Iran cannot rely on Iraq the way it used to. The relationship between the neighbours, which share a 1,600km-long border, has waxed and waned. Their religious leaders compete for influence among Shia Muslims around the world. In the 1980s they fought a war in which hundreds of thousands of people died. Yet in the years since America toppled the regime of Saddam Hussein in 2003 Iraq has been a staging ground for Iran to project power across the region. With extensive Western sanctions in place to stymie Iran's nuclear programme, Iraq's economy has been one of the few lifelines for its beleaguered neighbour. For years the regime in Tehran manipulated the Iraqi central bank's daily dollar auctions to secure hard currency to pay for imports, circumventing sanctions. Only America's blacklisting of Iraqi banks in 2023 slowed the practice. Iraq is also a crucial market for Iranian exports. Iran presses Iraqi government departments and ministries to prioritise Iranian goods over those from elsewhere, according to businesspeople in Baghdad. 'If the Americans occupied Iraq militarily,' says one banker from the region, 'then Iran has done so economically.' Even more important has been Iran's exertion of military influence through militias backed by its Islamic Revolutionary Guards Corps (IRGC). The rise in Iraq of Islamic State (IS), a Sunni extremist group, in 2014 triggered a call to arms from Shia religious authorities in both Iraq and Iran. Iran supported the establishment of a number of Shia armed groups in Iraq. They battled IS and eventually helped to degrade it significantly. But they also provided Iran with a way to control much of Iraq's politics and economy. The militias' unmarked pickup trucks still roam the streets of the capital. Their members have vast business interests and control important ministries, including those in charge of oil and metals exports. Until recently they exerted significant influence over the supreme court. Much of that control was exerted by Qassem Suleimani, who as head of the Quds force, the IRGC's elite arm, helped co-ordinate Iran's foreign-influence activities. But Iran's hold over the militias has diminished since an American drone strike killed Suleimani in 2020. Even as some joined Iran's 'axis of resistance', others turned inward, focusing on domestic affairs. One reason is that Esmail Qaani, Suleimani's successor, lacks his predecessor's deft touch in managing the factions' competing interests, says a veteran Iraqi lawmaker. 'The requests became demands,' he says. Another is that Iran's allies in Iraq have grown rich and now have much to lose from getting dragged into a conflict with America or Israel. Some still believe in Iran's Islamic revolution and the need to fight Israel. But others are increasingly resentful of their country's status as its neighbour's satrap. Perhaps most important, a younger political class that grew out of anti-government protests in 2020 has become increasingly vocal about its opposition to the militias. The armed groups are 'corrupted and have built economic empires', says Muhi Ansari, who heads the Iraqi House foundation, a new civil-society group. 'The concept of resistance [to Israel] is hollow in Iraq,' he says. That sentiment was on full display during Iran's brief war against Israel and America last month. Even Iran's closest allies in Iraq were too wary of retaliation by America or Israel to offer much help. As Abu Meethaq al-Amsari, a political analyst close to Badr, one of the biggest Iran-backed factions, explained on national television on June 21st: 'The brothers in the factions are practising a high degree of self-restraint and rationality.' Israel's decimation of the IRGC's high command during the dozen-day war and America's strike on Iran's nuclear programmes have raised hopes among some Iraqis that Iran's hold over Iraq's politics and economy will diminish. As militias and politicians loyal to Iran find themselves adrift, a space could open up for other, homegrown political forces. 'Whatever they say in public,' says a civil servant, 'we're not sad to see Iran weakened.'
Iraqi News
a day ago
- Politics
- Iraqi News
France praises Iraq's stability, vows continued security support
Baghdad ( – French Ambassador to Baghdad, Patrick Durel, praised Iraq's success in 'preventing being dragged into' regional conflicts and affirmed France's continued security support, during a speech on Monday (July 14, 2025) marking the French National Day. Ambassador Durel stated that despite regional tensions, Iraq is living through an 'important phase of stability' thanks to the government's efforts. He emphasized that Iraq's security and defense are a 'priority for France,' which continues its presence through the International Coalition and on a bilateral level, especially in training and armament. 'France is always ready to meet Iraq's need for equipment, and we continue to work to support Iraqis in preserving their country's sovereignty, including its airspace,' Durel said. The ambassador also highlighted growing economic and cultural ties, including efforts to link the French and Iraqi private sectors and the recent success of the Iraqi film Kingdom of Reeds by director Hassan Hadi at the Cannes Film Festival. He urged continued dialogue between federal authorities and the Kurdistan Region to overcome challenges, reaffirming France's commitment to strengthening its partnership with Iraq at this 'pivotal moment' in its history.
Shafaq News
2 days ago
- Entertainment
- Shafaq News
Birdsong and solace: Iraqis turn to pet birds for joy and mental relief
Shafaq News In a country where urban stress and societal tension often weigh heavily on daily life, many Iraqi families are turning to an unexpected source of comfort: the melodic chirping and vibrant plumage of ornamental birds. The trend, once considered a niche hobby for collectors and older enthusiasts, is now gaining wide popularity among mothers, children, and even those living alone. The shift is more than decorative — it's psychological. Living Symphony 'I didn't expect birds to bring this much happiness into our house,' said Israa Sahib, a mother of four in Baghdad. Speaking to Shafaq News, she recounted how her children insisted on having birds after seeing homing pigeons at a relative's home. 'I chose smaller ornamental birds because they're easier to tame, don't need rooftop towers like pigeons, and stay quietly in their cages. They've made our home feel alive.' She described the transformation in her household: 'Their colors, their songs — they brought joy to the kids, and their happiness made me happy too.' This sentiment is echoed across Baghdad's famed Ghazil pet market, where bird sellers display a dazzling array of species: parakeets, lovebirds (including the brightly colored rosy-faced species), finches like the zebra-striped zebrata, melodious canaries, and sleek cockatiels — all more popular now than the traditional homing pigeon. From Pigeons to Pets The pigeon, once a cultural icon across Iraqi rooftops, has faded in popularity, especially among younger and urban residents. A bird seller in the Ghazil market told Shafaq News, 'Mothers, kids, teenagers — they all want ornamental birds now. Pigeons still have their loyal followers, mostly older men or professionals, but they're less practical for today's homes.' He added that homing pigeons carry many drawbacks: 'They're noisy, they leave droppings on rooftops and balconies, and they require space to fly and training to return.' Iraq's growing urban density and shrinking household space have only accelerated the shift toward smaller, indoor-friendly species. Prices for ornamental birds range from as little as 5,000 Iraqi dinars (under $4) to 150,000 dinars for imported canaries or jumbo species, making them accessible to a wide range of Iraqis. For many, these birds are more than a visual delight. They become companions. Ahmed Majid, a bachelor living in a small apartment in Baghdad, told Shafaq News, 'I live alone, and the birds give me peace. When I come back from work, I feel like someone is waiting for me.' He said their presence helps relieve the isolation and stress of solitary urban life. 'They distract me, comfort me. I don't feel alone anymore.' Psychologist Manahel Al-Saleh explained this phenomenon, noting, 'Many people find emotional relief in raising birds. These creatures are gentle and responsive — people feel they share their emotions, especially those who live alone.' She added that for some owners, the relationship with the birds becomes deeply personal, 'Some believe the birds sense their moods — joy, anger, sadness — and respond accordingly. This deepens the human–bird bond.' According to Al-Saleh, the attraction stems from the birds' role as living, responsive beings that evoke calm. 'In a chaotic world, people look for softness and peace. The birds' movements and chirping absorb stress and relax the mind.' Growing Hobby While no official statistics are available, anecdotal evidence from market sellers and pet supply vendors suggests the number of bird owners in Iraq has steadily increased since the 1980s — when choices were mostly limited to parrots and canaries. Today's enthusiasts have access to a wider range of species, including cockatiels, goldfinches, and hybrid breeds imported from abroad. What's driving the surge? Sellers point to a mix of affordability, aesthetic value, and the therapeutic effect birds have on their owners. Psychological studies globally support what Iraqi families are experiencing anecdotally. The act of caring for birds — feeding, observing, listening to them — is known to promote mindfulness, reduce anxiety, and increase feelings of connectedness. In Iraq, where communities continue to recover from conflict, displacement, and economic uncertainty, this growing hobby offers not just recreation, but a subtle, quiet form of emotional healing. As Al-Saleh put it, 'Sometimes, healing comes not through words, but through the flutter of wings and a soft, persistent song.'
