Iraq Launches Major Banking Reform with Focus on Al-Rafidain Bank, 27 NOV

 Iraq Launches Major Banking Reform with Focus on Al-Rafidain Bank

The Prime Minister of Iraq, Mohammed Shia’ al-Sudani, has taken a firm step towards revamping the country’s banking sector. The focus is on Al-Rafidain Bank, which is set to become the springboard for a comprehensive reform plan. This development comes as part of the government’s strategic alignment with the Sustainable Development Goals 2030 and is seen as a significant move towards economic diversification and digital transformation.

Launching the Reform

The Prime Minister’s Media Office confirmed that discussions took place around a well-thought-out banking reform plan. The overhaul begins with government banks, which are the backbone of the banking sector in Iraq, accounting for 80% of the total institutions. The reform of Al-Rafidain Bank represents the first phase of this ambitious process.

Ernst & Young’s Role

Global professional services firm Ernst & Young has been entrusted with the task of leading the reform of Al-Rafidain Bank. The firm presented its vision for the bank’s overhaul, outlining a plan that requires an implementation period of eight months. This involves a comprehensive review and evaluation of the bank’s operations, along with structural administrative reforms.

Reforming for the Future

The core of the reform plan is the provision of integrated banking services to citizens and corporations. The aim is to revolutionize the banking experience in Iraq, making it more user-friendly and efficient. The plan also aligns with the government’s commitment to good governance, combating corruption, and making a positive impact on vulnerable sections of society. It is part of a broader strategy that includes conducting a population census in 2024, further indicating the government’s commitment to comprehensive socio-economic reform.

https://bnn.network/world/iraq/iraq-launches-major-banking-reform-with-focus-on-al-rafidain-bank/