Economy News – Baghdad
Aware of the importance of technology in enhancing the efficiency of operations and providing exceptional digital banking experiences to customers, Al Ahli Bank of Iraq announced its success in launching its new banking system based on the systems of Temenos International Company (Temenos – T24), which is the most important banking systems, in addition to launching its advanced application on mobile phones, (Mobile Banking).
Al Ahli Bank of Iraq began implementing its operational operations based on its new banking system as of the beginning of this year, as this system will contribute to improving the efficiency of operations, which reduces the time and effort in completing transactions, enhances their accuracy. The system allows customers to conduct various banking transactions via the Internet or through the mobile application, such as transferring funds, paying bills, and requesting banking products. The system will also contribute to enhancing compliance with international standards and the requirements of the Central Bank of Iraq, which enhances transparency and security in banking operations.
On the other hand, the new mobile application, which has an easy-to-use interface, is one of the most important components of the digital transformation journey of Al-Ahli Bank of Iraq, as it offers customers a wide range of banking services, such as: managing accounts in terms of reviewing their account balances, their transactions, transferring funds, paying bills, and knowing their loan deductions, as well as the possibility of linking the account to credit cards, while many services will soon be available, most notably; opening accounts through the application and the possibility of transferring through Western Union, in addition to many various digital services.
This step will consolidate the position of the National Bank of Iraq as a major player in the Iraqi banking sector, thanks to its enabling the provision of digital and unprecedented banking services and solutions that meet the evolving and increasing needs of its individual and corporate customers, in various sectors and sizes, whether large companies or small and medium companies, giving them added value.
The authorized director of the National Bank of Iraq, Ayman Abu Dheim, stressed that this project is in line with the vision of the Central Bank of Iraq in supporting the banking sector and making it modern and effective, pointing out that the bank’s investment in advanced technology not only guarantees compliance with the regulations of the Central Bank of Iraq, but also paves the way for the future of innovation and digital excellence.”
He pointed to the unprecedented demand for the mobile application, which was downloaded by 40,000 customers in the first two days of its launch.
Abu Dhaim thanked the technical team that implemented the project in record time, and expressed his appreciation to Temenos International, the provider of the T24 basic banking system, and ITSS, a leader in the field of information technology, specializing in providing an integrated software package to meet the multiple needs of all types and sizes of companies.
In turn, the Chief Operating Officer of the National Bank of Iraq, Aqeel Ezz El-Din, pointed to the positive impact of the new system on the bank’s performance, stressing that the bank is working to keep pace with development and technology and set new standards in the Iraqi banking market.
The National Bank of Iraq – which is based in the Iraqi capital Baghdad – was established in 1995 as a public shareholding company, and in 2005 Capital Bank / Jordan acquired majority shares in the bank by (61.85%), which enabled it to develop its products and services, strengthen its foothold globally, and enhance financial inclusion at the country level.
Thanks to this acquisition, Capital Bank – which has an extensive network of correspondent banks – provided a gateway for the National Bank of Iraq to global economies, where it facilitated the sending and reception of internal and external remittances, granting credit facilities, and providing trade finance services. The bank can also trade for the benefit of its customers in the Jordanian market and in the global markets through Capital Investments Company, the investment arm of Capital Bank.
The National Bank of Iraq – which has a capital of 300 billion Iraqi dinars or the equivalent of 229 million US dollars), topped the list of banks and banks operating in the Iraqi market at various levels. It is the best private bank in Iraq in terms of growth (assets, facilities and deposits), and has won multiple international and local awards for its role in supporting and encouraging investment in Iraq, and as the fastest growing in the field of retail trade and salary localization for the public and private sectors, and it is the best commercial bank in Iraq, where it won the Iraqi Stock Exchange Award for its role in supporting and encouraging investment in Iraq 2021, and also received a rating from the largest international financial institutions Capital Intelligence (BB) and before Moody’s (B3) and classified by the Central Bank of Iraq (very good).
It should be noted that the bank’s total assets were close to $2.8 billion supported by the growth of customer deposits by about 91%, while the bank has a growing customer base today of about 200,000 customers served through more than 1000 employees, 30 branches and 200 ATMs in all major Iraqi cities, in addition to a branch in the Kingdom of Saudi Arabia.
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