Rafidain Bank Supports Iraq's Economic Progress

Rafidain Bank has been a driving force behind Iraq's economic progress. It plays a crucial role in the country's financial system, providing various banking services to individuals, businesses, and the government.

Rafidain Bank has a long history of supporting Iraq's economic growth, dating back to its establishment in 1941. It has since become one of the largest and most reliable banks in the country.

The bank's efforts have contributed significantly to Iraq's economic stability and development. Its services have helped to promote economic growth, reduce poverty, and improve the standard of living for Iraqis.

Rafidain Bank has a strong commitment to financial integrity, as evident in its strategic partnership with K2 Integrity. This partnership will help the bank align with international standards of compliance, governance, and risk management.

The three-year collaboration with K2 Integrity marks a significant milestone for Rafidain Bank, demonstrating its dedication to enhancing its financial practices.

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Rafidain Bank has signed a professional partnership agreement with U.S.-based consultancy K2 Integrity to strengthen financial compliance in Iraq.

This partnership is grounded in Iraqi Cabinet Resolution No. (23274) of 2023, and K2 Integrity will deliver a wide range of services, including anti-money laundering and other related services.

The bank is also undergoing reforms, with Prime Minister Mohammed S. Al-Sudani reviewing the reform process for Rafidain Bank and Rasheed Bank.

Discussions focused on aligning the banks' operations with international standards, addressing debt repayment mechanisms, and enhancing staff training.

Rafidain Bank has made significant progress in reducing its foreign debt liabilities, completing 87 percent of its foreign debt obligations through high-level legal and financial negotiations.

This reduction is part of Iraq's adherence to the Paris Club Agreement and was approved by the Cabinet.

However, the bank has also faced challenges, including the "tax deposit" scandal, where 3.7 trillion Iraqi dinars ($2.5 billion) were stolen from the General Tax Authority's account at the state-run Rafidain Bank.

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Iraq's economy has made significant strides in reducing its foreign debt liabilities. Iraq's state-owned Rafidain Bank has completed 87 percent of its foreign debt obligations.

The bank achieved this through high-level legal and financial negotiations. These negotiations were conducted in adherence to the Paris Club Agreement and with direct Cabinet approval.

Major settlements were concluded with Dutch and other creditors, significantly reducing Iraq's external liabilities. This development is a testament to the bank's efforts to restructure its debt and pave the way for future economic growth.

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Rafidain Bank offers a wide range of bank services, including savings accounts, current accounts, and credit cards.

You can choose from various account types, such as the Rafidain Savings Account, which allows you to earn interest on your deposits.

Their bank services also include online banking, allowing you to manage your accounts remotely and make transactions with ease.

The Iraqi Cabinet has approved significant banking reforms, including the establishment of a new financial institution named Rafidain First Bank.

The new bank, Rafidain First Bank, will operate as a joint-stock company leveraging the latest technologies to serve businesses and individuals domestically and internationally.

Rafidain First Bank's capital structure includes a government and public stake of 24% and an initial paid-in capital of no less than 500 billion IQD.

A dedicated committee, including representatives from the Central Bank of Iraq (CBI), Rafidain Bank, and the Ministry of Finance, will coordinate efforts to oversee the new bank's establishment.

The Industrial Bank will be converted into a private joint-stock company with a strategic partner.

The Central Bank is authorised to contract a consulting firm to oversee the new bank's establishment.

The restructuring plan for Al Rafidain Bank and Al-Rasheed Bank includes comprehensive technical and administrative reforms aimed at enhancing banking services for citizens and businesses.

A consulting firm will oversee the new bank's establishment, and a roadmap for the restructuring of Rafidain Bank with Rasheed Bank has been developed with Ernst & Young (EY).

This initiative underscores Iraq's commitment to modernising its banking sector and fostering regional competitiveness.

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You can find your bank's SWIFT code / BIC in your bank account statements.

Your bank's SWIFT code / BIC is usually located in your account statements, so take a look there if you're having trouble finding it.

You can also use our SWIFT code / BIC finder to find the appropriate code for your transfer.

It's a good idea to double-check the code to ensure it's correct, especially if you're transferring a large amount of money.

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Rafidain Bank has released a significant amount of funding for entrepreneurs, with the tenth tranche of its "Entrepreneurship and Excellence" initiative financing 80 projects with 1 billion Iraqi dinars each.

This funding brings the total number of projects funded since the programme's launch to 1,735, with cumulative financing of 22.94 billion dinars.

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Iraq's state-owned Rafidain Bank has released a new funding initiative for entrepreneurs, financing 80 projects with 1 billion Iraqi dinars each.

This is the tenth tranche of the bank's "Entrepreneurship and Excellence" initiative, which has now funded a total of 1,735 projects.

The cumulative financing of these projects has reached 22.94 billion dinars, a significant boost for the entrepreneurial sector in Iraq.

Al-Rafidain Bank has launched a significant financing effort with the issuance of $1.5 billion in national bonds. The bonds are available in two different terms, but the exact details of these terms are not specified.

The issuance period for these bonds is quite short, running from February 10 to March 10, 2025. This suggests that the bank is aiming for a swift and efficient process in raising the necessary funds.

Al-Rafidain Bank is taking a proactive approach to its financial operations, working in line with directives from the Ministry of Finance and the Central Bank of Iraq. This demonstrates a commitment to following established guidelines and regulations.

The bank's efforts to raise funds through national bonds will likely have a positive impact on its financial stability and ability to support economic growth.

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