In detail.. The Ministry of Finance announces the restructuring of Al-Rafidain Bank

  •  Time: 10/15/2021 21:10:20 
  •  Reading: 585 times 
In detail.. The Ministry of Finance announces the restructuring of Al-Rafidain Bank

{Economic: Al Furat News} The Ministry of Finance approved a package of reform measures related to the restructuring of the Rafidain Bank, according to the white paper. 

A statement by the ministry, which Al-Furat News received a copy of, stated that “the reform package consists of several axes, including: creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq, in which the board’s management is independent of the bank’s management, consolidating the independence of its work, and supporting efforts to complete Implementation of the comprehensive banking system, in addition to strengthening and regulating the bank’s relationship with banking service providers.

The statement added, “The package of measures included reconsidering the bank’s policies and procedures and making them more in line with the developments of the modern banking system in order to ensure the provision of the best and quality services by adopting a technical system to facilitate banking operations and carry out banking activities of economic feasibility in various sectors in a manner that serves economic activity and guarantees the rights of depositors and stakeholders.” “.

The ministry also supports “the possibility of transferring the data of the bank’s customers whose salaries are domiciled with the bank and those who received advances and loans from the service provider to the comprehensive banking system.”

The statement continued, “With regard to human resources, it was emphasized, according to the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of banking services of high quality, and in line with the advanced performance of the banking sector worldwide.”

The Finance noted that “the restructuring procedures come within the framework of reforms designed to make the government banking sector compatible with the standards of governance of the Central Bank of Iraq.

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