Manager of Rafideen bank : we overcame the cancellation decision and we look forward to implement the comprehensive electronic system
Manager of Rafideen bank : we overcame the cancellation decision and we look forward to implement the comprehensive electronic systemTranslated by IRAQdirectory.com - [5/23/2010]
Manager of Rafideen bank said Wednesday that the bank overcame the cancellation decision made by foreign company that evaluated the bank financial situation after 2003 and that the bank is working on completing the rules of comprehensive electronic exchange which would reduce the financial and administrative corruption, And opening new branches in London , The united states , Brussels , France and Iran.
Alyasiry added in a speech he made during the celebration that Alrafideen bank organized Wednesday to commemorate the 69th anniversary of its establishment that the bank overcame the cancellation decision made by foreign exchange Company late 2005 which were assigned by Iraqi government to evaluate the bank performance. And he added that the company recommended that the bank should be sold or privatized or offered for partnership between public and private sectors which mean the bank cancellation and lay off big number of its employees.
Alyasiry clarified that the reasons behind the foreign company recommendation were the losses that reached 8.5 trillion ID in addition to the debts that worth 28 billion us dollars and the confiscation of the bank money after the lootings during the year of 2003 where 27 branches of the bank were totally burnt with their papers and also the company that evaluated the bank performance found match only among 12 branches records while the total number of the bank branches is 147 branch.
Alyasiry pointed that at that time the managers of the bank submitted a study to bring the bank back to work and renovate its branches until they reached 167 branch today inside Iraq and seven branches outside Iraq and he clarified that the profits of the bank for the year of 2006 reached 321 billion ID and rose to reach 727 ID for the year of 2007.
Alyasiry added saying that Alrafideen bank look forward to implement the comprehensive electronic system which would eliminate the administrative and financial corruption so the information would be easily available and the dealings of the branches become transparent and connect the bank with the global banks. And he clarified that the bank began working on this system since the year of 2008 with the help of Jordanian company and the work on this system is still ongoing and that the bank hope to launch it as soon as possible. And he added saying we accomplished smart card project and we added new services for the smart card so it is not only used to pay the pension salaries.
Alyasiry pointed that Alrafideen bank owns seven branches outside Iraq two of them in Jordan and one in Beirut ,Sanaa , Abu Dhabi and Cairo and that the bank will increase the number of its branches outside Iraq where it talked with many countries like Briton to reopen its old branch there and also it talked with Iran where the branch might be opened inside the Iraqi embassy or near it in addition to China , France , Brussels and the united states.
On his side the bank expert Ghazi Alkinani said that Alrafideen bank overcame many difficulties since it was founded on the year of 1941 in tough conditions where the world war 2 were looming and close to Iraqi borders and it was the third Arab bank and the largest of them and the only who had branch in London in the year of 1958.
Alkinani pointed that Alrafideen bank helped in opening banks for the Arab and gulf countries which were poor at that time and Alrafideen bank was helping in opening banks for those countries and train the staffs of those banks.
Alkinani said that Alrafideen bank endured hard conditions on the 90s of the previous century after the United Nations imposed sanctions against Iraq because the second gulf war. And he added that the bank started to regain its well being and global position and it god removed from the black list after it was burdened by the debts of the former regime where the bank had nothing to do with those debts.
Alkinani said that Alrafideen bank can now practice its international role especially there are no debts registered on it outside Iraq.