The Central Bank warns a UAE bank

[DWS112]

The Central Bank warns a UAE bank

08-26-2020

 

On Wednesday, the Central Bank of Iraq warned the "Abu Dhabi Islamic Bank" that contracts must be concluded with companies licensed by the bank, indicating that a commission will be imposed in the event of non-compliance.

The Central Bank said in a statement that Alsumaria News received a copy of, that “based on the decision of the Board of Directors and taken in its session numbered at number five hundred and ninety-six after the thousand, it was decided to approve the granting of Abu Dhabi Islamic Bank a final and final deadline until

 👉 December 31 of 2020 👈 to contract with companies Licensed by this bank. "

He added, "Otherwise, a commission will be imposed on every movement that passes through the National Switch, at an amount of

👉 500 dinars 👈, which will be borne by your bank and not the customer."

The Central Bank of Iraq was established as an independent bank under its law issued on the sixth of March of the year 2004, as an independent body, and it is responsible for maintaining price stability and implementing monetary policy, and supervises 10 commercial banks, 26 private banks, 16 Islamic banks, in addition to 19 foreign banks, as well. About 6 financial institutions and 31 money transfer companies.

 

IMO  - 500 dinars (42 cents), sounds a bit low  - DWS112

[gregp]

Here’s to another year. 🥂

[Spartakus]

This date doesn't mean a thing in terms of revaluation. The revaluation can be before this date or five years later or never.

[blueskyline]

Thank You DWS112.... He added, "Otherwise, a commission will be imposed on every movement that passes through the National Switch, ....What is this NATIONAL SWITCH ???

[3n1]

14 minutes ago, blueskyline said:

What is this NATIONAL SWITCH ???

 

could be ........ this is from online info not myself ..✌️

 

A national payment switch acts as the front and back end processor that should be able to handle an unlimited number of devices, networks and host systems. The national payment switch has to be fully compliant with the payment networks it unites and fully customized for the processing environment it targets.

 

National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India.^[1] It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking. It is run by the National Payments Corporation of India (NPCI).

[Floridian]

 "granting of Abu Dhabi Islamic Bank a final and final deadline until

 👉 December 31 of 2020 👈"

 

He added, "Otherwise, a commission will be imposed on every movement that passes through the National Switch, at an amount of

👉 500 dinars 👈, which will be borne by your bank and not the customer."

 IMO - 500 dinars (42 cents), sounds a bit low  - DWS112

 

Global reset January 1, 2021?