Finance on restructuring of Rafidain, Rashid and insurance companies: A fundamental step
Finance on restructuring of Rafidain, Rashid and insurance companies: A fundamental step
2025-02-05 02:18
Shafaq News/ Today, Wednesday, Minister of Finance Taif Sami discussed following up on the procedures for restructuring Rafidain and Rashid banks and insurance companies .
The ministry stated in a statement received by Shafaq News Agency, “Sami held an expanded meeting with the head of the Insurance Bureau, directors of government banks and insurance companies, and the international auditing and oversight company Ernst & Young, to follow up on the measures taken to implement the restructuring of insurance companies and government banks, most notably Rafidain and Rashid Banks.”
According to the statement, Sami pointed out that “the restructuring represents a fundamental step to enhance financial stability and improve the efficiency of government banks in accordance with international standards,” noting “the importance of developing banking systems, enhancing internal control, and implementing specialized training programs for banking cadres to ensure the provision of advanced financial services.”
Sami added, “The strategic plan will include introducing modern banking technologies, such as electronic payment, enhancing transparency, improving capital management and completing the comprehensive banking system, in addition to cooperating with international financial institutions and benefiting from global expertise, in addition to setting specific time frames for implementing modernization processes, which will raise the efficiency of government banks and support the national economy.”
The Prime Minister’s Office announced yesterday, Tuesday, the launch of an initiative to reform the banking system, in cooperation with the Central Bank of Iraq, consisting of 4 main points, and it comes in partnership with the global management consulting company (Oliver Wyman) .
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