Rafidain Bank General Manager: Financial technology is the future of the banking sector in Iraq.
Rafidain Bank General Manager: Financial technology is the future of the banking sector in Iraq.
2025-04-01
Rafidain Bank General Manager Ali Al-Fatlawi stated that the bank has witnessed a qualitative transformation in recent years, becoming a pillar of the modern Iraqi banking sector through adopting financial technology, enhancing banking inclusion, and adhering to international standards of integrity and compliance. Al-Fatlawi told the official agency that the success was not merely the result of administrative decisions, but rather an integrated vision based on investing in human capital, building strategic partnerships, and advancing banking services in accordance with the latest international standards.
Investing in human capital is the key to success.
According to Al-Fatlawi, no financial institution can achieve success and sustainability without qualified staff with modern skills. Therefore, investing in the development of the bank’s employees was one of our main priorities. We allocated large budgets for training, sent our staff to educational programs inside and outside Iraq, and contracted with the American University in Baghdad to implement advanced programs in banking management, financial risk, and compliance.
Financial Integrity and Compliance
The General Manager of Rafidain Bank added that enhancing financial integrity has been a priority for us. We have adopted advanced systems to combat money laundering and terrorist financing, including the UN-backed GoAML system, and collaborated with the global company K2 to develop compliance systems. He explained that these steps have strengthened the confidence of global regulatory and banking authorities in the bank and contributed to improving our position in the financial market.
He also pointed out that financial inclusion is not an option, but an economic necessity. Therefore, we launched a team dedicated to developing banking initiatives and contributed to the settlement of electronic payment revenues for most government departments, reducing reliance on cash. We also launched electronic payment services that facilitated the smooth collection of benefits for employees and retirees.
Financial technology is the future of Rafidain Bank
We announced the launch of our first ATM service and the introduction of a new savings card to enable customers to invest their money intelligently. We are also in the process of issuing a credit card, which will facilitate financial transactions inside and outside Iraq, placing us among the most digitally advanced banks.
The General Manager of Rafidain Bank pointed to partnerships with global institutions such as Ernst & Young (EY) to develop banking governance, and with K2 International to enhance financial compliance, noting that these partnerships have increased the efficiency of our operations and made us more compliant with international banking standards.
A more advanced banking future
He explained that Rafidain Bank is at the beginning of a new, more advanced and influential phase in the Iraqi financial landscape, as we continue to launch digital services, enhance financial inclusion, and expand our international partnerships. He indicated that we aspire to make Rafidain Bank a model of banking leadership in Iraq and the region.
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