Baghdad, Iraq– Finance Minister Taif Sami announced on Wednesday that the restructuring of Al-Rafidain and Al-Rasheed banks, along with insurance companies, is a key initiative aimed at enhancing financial stability and aligning state-owned banks with international standards.
During an extensive meeting with officials from the Insurance Bureau, state-owned banks, insurance firms, and international auditing firm Ernst & Young, Sami reviewed the progress of the restructuring efforts.
She highlighted the necessity of modernizing banking systems, reinforcing internal controls, and providing specialized training for banking personnel to improve financial service quality.
The strategic plan includes the adoption of modern banking technologies, such as electronic payments, as well as measures to increase transparency and optimize capital management. Sami also underscored the importance of collaboration with international financial institutions to benefit from global expertise and establish clear timelines for the reforms.
This initiative is part of Iraq’s broader efforts to fortify its financial sector and bolster economic growth.
