Home
The Iraqi Central Bank announces opportunities to establish digital banks
May 6, 2024
Baghdad/Iraq Observer
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Monday, the
possibility of establishing digital banks for the first time in the country’s history, with the Central Bank preparing to grant official licenses to them.
Al-Alaq stated in a press statement: “We have issued instructions to establish microfinance companies, and
we notice a great demand for establishing such companies.” Al-Alaq added,
“We announced opportunities to establish digital banks in Iraq, and
this is happening for the first time.
We have also received large numbers of people wanting to create and establish digital banks, and the
Central Bank is now examining the idea and issuing licenses for it,” stressing that
“the Central Bank is adopting the idea of establishing a Riyada bank.” “For development, which will focus on microfinance, and
it will be an important project that represents a major shift and presence in all of Iraq, and
it will also be close to the citizen.”
Al-Alaq indicated that the Central Bank of Iraq is in the advanced stages of establishing this bank, indicating that the
central bank will be supportive and financing wherever necessary to enhance the work of this bank.
https://observeriraq.net/المركزي-العراقي-يعلن-عن-فرص-لتأسيس-مصا/
May 6, 2024
Baghdad/Iraq Observer
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Monday, the
possibility of establishing digital banks for the first time in the country’s history, with the Central Bank preparing to grant official licenses to them.
Al-Alaq stated in a press statement: “We have issued instructions to establish microfinance companies, and
we notice a great demand for establishing such companies.” Al-Alaq added,
“We announced opportunities to establish digital banks in Iraq, and
this is happening for the first time.
We have also received large numbers of people wanting to create and establish digital banks, and the
Central Bank is now examining the idea and issuing licenses for it,” stressing that
“the Central Bank is adopting the idea of establishing a Riyada bank.” “For development, which will focus on microfinance, and
it will be an important project that represents a major shift and presence in all of Iraq, and
it will also be close to the citizen.”
Al-Alaq indicated that the Central Bank of Iraq is in the advanced stages of establishing this bank, indicating that the
central bank will be supportive and financing wherever necessary to enhance the work of this bank.
https://observeriraq.net/المركزي-العراقي-يعلن-عن-فرص-لتأسيس-مصا/
