Rafidain Bank ( ar, مصرف الرافدين lit. ''Bank of Mesopotamia'') is the largest bank in
Iraq
Iraq,; ku, عێراق, translit=Êraq officially the Republic of Iraq, '; ku, کۆماری عێراق, translit=Komarî Êraq is a country in Western Asia. It is bordered by Turkey to Iraq–Turkey border, the north, Iran to Iran–Iraq ...
, with 165 branches inside Iraq and with branches in
Cairo
Cairo ( ; ar, القاهرة, al-Qāhirah, ) is the capital of Egypt and its largest city, home to 10 million people. It is also part of the largest urban agglomeration in Africa, the Arab world and the Middle East: The Greater Cairo metro ...
,
Beirut
Beirut, french: Beyrouth is the capital and largest city of Lebanon. , Greater Beirut has a population of 2.5 million, which makes it the third-largest city in the Levant region. The city is situated on a peninsula at the midpoint o ...
,
Abu Dhabi
Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area.
...
,
Bahrain
Bahrain ( ; ; ar, البحرين, al-Bahrayn, locally ), officially the Kingdom of Bahrain, ' is an island country in Western Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and an ...
,
Sana'a
Sanaa ( ar, صَنْعَاء, ' , Yemeni Arabic: ; Old South Arabian: 𐩮𐩬𐩲𐩥 ''Ṣnʿw''), also spelled Sana'a or Sana, is the capital and largest city in Yemen and the centre of Sanaa Governorate. The city is not part of the Governo ...
,
Amman
Amman (; ar, عَمَّان, ' ; Ammonite language, Ammonite: 𐤓𐤁𐤕 𐤏𐤌𐤍 ''Rabat ʻAmān'') is the capital and largest city of Jordan, and the country's economic, political, and cultural center. With a population of 4,061,150 a ...
and
Jabal Amman
Jabal Amman neighborhood is one of the seven hills that originally made up Amman, Jordan. Today, Jabal Amman is near the downtown area.
History
Along with the rest of old Amman, Jabal Amman was first settled during the Neolithic period. But unl ...
. Its HQ is in central Baghdad. The bank was established in 1941 and in the 1960s in a wave of Ba'ath nationalisation became a state bank. In 1988, the Rafidain's non-performing assets were carved out into the
Rasheed Bank
Rasheed Bank ( ar, مصرف الرشيد ) is the second largest Iraqi bank, with 162 inside Iraq. On January 1, 1989, the Rasheed Bank was spun off from Rafidain Bank.
See also
*Iraqi dinar
The Iraqi dinar () (Arabic: دينار; sign: ID i ...
.
Before the First Gulf War, Rafidain Bank "was the Arab world’s largest commercial bank with total assets of USD 47 billion.".
The Bank was very badly damaged by the first Gulf War and the economic sanctions against
Iraq
Iraq,; ku, عێراق, translit=Êraq officially the Republic of Iraq, '; ku, کۆماری عێراق, translit=Komarî Êraq is a country in Western Asia. It is bordered by Turkey to Iraq–Turkey border, the north, Iran to Iran–Iraq ...
. These sanctions were behind the closure of Rafidain's
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
Branch in 1990. During the second Gulf War, the bank was again badly hit. It is estimated that around a third of Rafidain's branches were destroyed during the second Gulf War and that the bank lost around $300m USD through looting. Today, Rafidain Bank has around 45% of banking assets in Iraq.
In 2007, Bayan Jabor, the Iraqi
Minister of Finance
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...
, signed a contract with
British
British may refer to:
Peoples, culture, and language
* British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies.
** Britishness, the British identity and common culture
* British English, ...
Misys
Finastra is a financial software company headquartered in London, England.ATM networks,
Card Card or The Card may refer to:
* Various types of plastic cards:
**By type
***Magnetic stripe card
*** Chip card
*** Digital card
**By function
***Payment card
****Credit card
**** Debit card
****EC-card
****Identity card
****European Health Insur ...
Management and
internet banking
Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial inst ...
will be considered by the
Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance.
Lists of current ministries of finance
Named "Ministry"
* Ministry of Finance (Afghanistan)
* Ministry of Finance and Eco ...
in later stages.
This project will represent the first commercial bank in Iraq to work on a modern electronic banking system and should be completed by the end of 2009.
See also
*
Iraqi dinar
The Iraqi dinar () (Arabic language, Arabic: دينار; currency sign, sign: ID in Latin alphabet, Latin, د.ع in Arabic script, Arabic; ISO 4217, code: IQD) is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided i ...