Al-Rafidain is preparing to contract with it .. The Central Bank grants a company a license "outside the controls" (documents)

[yota691]

 

Al-Rafidain is preparing to contract with it .. The Central Bank grants a company a license "outside the controls" (documents)

 

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 2021-03-06 03:22

 

 

Shafaq News / On Saturday, an informed source revealed that the Central Bank of Iraq granted a company a license to operate outside the controls, while noting that Al-Rafidain Bank is preparing to sign a contract with this company.

 

The source said to Shafaq News, “The bank granted on November 29, 2020 a license to practice work for the (Ishtar Gate) company specialized in prepaid services, outside the controls and laws, despite the presence of a letter for the bank itself indicating that the granting of the license to any company has stopped before this period, And another book indicates an extension of the moratorium. "

 

In the context, he explained a letter issued by Representative Jamal Al-Muhammadawi, and addressed to the Central Bank, in which he requested an answer to his inquiry about how to grant a license to this company despite the suspension of licensing promotion during this period.

 

And the source returned to confirm that "Al-Rafidain Bank is preparing to sign a contract with the (Ishtar Gate) company to replace the (Key Card) electronic payment company even though the (Ishtar Gate) company does not meet the conditions and special laws.

 

He pointed out that "an agreement took place between Rafidain Bank and Ishtar Gate on the terms of the contract," calling on "the supervisory authorities and the Integrity Commission to investigate this issue."

[yota691]

The Central Bank violates the controls by authorizing an electronic and financial company, directing banks to obtain their exclusive approval

•  Time: 03/07/2021 09:45:38
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•  Read: 2,561 times

  

{Baghdad: Al Furat News} An informed source revealed that the Central Bank of Iraq granted a company a license to operate outside controls.

The source told {Al Furat News} that, "On November 29, 2020, the bank granted a license to practice work for the Ishtar Gate company, which specializes in prepayment services outside of the rules and regulations, despite the presence of a letter for the bank itself indicating that the granting of the license has stopped for any company before this period. And another book indicates an extension of the moratorium. "
A letter issued by Representative Jamal al-Muhammadawi and addressed to the Central Bank, in which he requested the latter to answer his inquiries about how to grant a license to this company, despite the suspension of the promotion of granting licenses during this period.
And the source returned to confirm that "Al-Rafidain Bank is preparing to sign a contract with the Ishtar Gate Company to replace the K-Card company for electronic payment despite the fact that the Ishtar Gate Company does not meet the conditions and special laws."
He pointed out that "an agreement took place between Al-Rafidain Bank and Ishtar Gate on the terms of the contract, calling on the supervisory authorities and the Integrity Commission to investigate this issue."
To that, the Ministry of Finance directed the adoption of controls and instructions for technology contracts concluded by banks, agencies, departments and companies affiliated with this ministry.
Finance Minister Ali Abdul Amir Allawi issued a directive to all units of the ministry to submit all of their major IT contracts for final review and approval by the Information Technology Department of the Ministry of Finance.
The Minister of Finance also stressed that restricting electronic project contracts to the information technology department in the ministry does not increase bureaucracy. Rather, these procedures and instructions come for the purpose of ensuring the quality of services and preserving the value standards provided by the ministry’s departments to maintain the integrity of complex technical contracts, and that the Ministry of Finance is continuing to provide the appropriate environment for localization. Technology and its application in its departments while investing local resources and capabilities to achieve this.
The statement also affirmed that these measures were among the directions that it began implementing and proceeding with upon receiving the ministry's file. "
Ammar Al-Masoudi

[yota691]

The Minister of Finance withdraws the hand of the Director of the Rafidain Bank and assigns another to replace him

•  Time: 3/2021/09 14:03:48
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•  Read: 3,289 times

 

  

(Baghdad: Al-Furat News) An informed source revealed that Finance Minister Ali Allawi had issued an order to withdraw the hand of the General Manager of Al-Rafidain Bank {Hussein Ali} and assign another to replace him.

The source stated to {Euphrates News} that "the Minister of Finance appointed the Director General of the Industrial Bank {Bilal Sabah Al-Hamdani} as a general manager of the Rafidain Bank after withdrawing the hand of the former director, because of his signature on the project {Ishtar Gate}."
He added, "The Minister of Finance was not aware of the signing of the Director General of Al-Rafidain Bank, Hussein Ali Muheisen, of the" Ishtar Gate "project, and on this basis he issued a ministerial order to assign (Al-Hamdani) to the management of Al-Rafidain Bank, succeeding Muhaisin.
An informed source revealed the day before yesterday, Sunday, that the Central Bank of Iraq granted a company a license to operate outside the controls with the approval of the Rafidain Bank.
The source told {Al Furat News} that, "On November 29, 2020, the bank granted a license to practice work for the Ishtar Gate company, which specializes in prepayment services outside of the rules and regulations, despite the presence of a letter for the bank itself indicating that the granting of the license has stopped for any company before this period. And another book indicates an extension of the moratorium. "
A letter issued by Representative Jamal al-Muhammadawi and addressed to the Central Bank, in which he requested the latter to answer his inquiries about how to grant a license to this company, despite the suspension of the promotion of granting licenses during this period.
The source returned to confirm that "Al-Rafidain Bank signed a contract with the Ishtar Gate Company to replace the Key Card company for electronic payment, although the Ishtar Gate Company does not meet the conditions and special laws," noting that "an agreement took place between Al-Rafidain Bank and Ishtar Gate on the terms of the contract." The supervisory authority and the Integrity Commission to "investigate this matter."
To that, the Ministry of Finance directed the adoption of controls and instructions for technology contracts concluded by banks, agencies, departments and companies affiliated with this ministry.
Finance Minister Ali Abdul Amir Allawi issued a directive to all units of the ministry to submit all of their major IT contracts for final review and approval by the Information Technology Department of the Ministry of Finance.
The Minister of Finance also stressed that restricting electronic project contracts to the Ministry’s Information Technology Department does not increase bureaucracy. Rather, these procedures and instructions come for the purpose of ensuring the quality of services and preserving the value standards provided by the Ministry’s departments to maintain the integrity of complex technical contracts, and that the Ministry of Finance is continuing to provide the appropriate environment for localization. Technology and its application in its departments while investing local resources and capabilities to achieve this.

[yota691]

 

Confirmation of what was unique to Shafaq News .. The Minister of Finance withdraws the hand of the Director of the Rafidain Bank and refers it to investigation

 

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 2021-03-09 07:08

 

Shafaq News / The Iraqi Finance Minister, Ali Allawi, decided, on Tuesday, to refer the director of Al-Rafidain Bank to the investigation and withdraw his hand due to his signature on the "Ishtar Gate" project for electronic payment.

 

An informed source told Shafak News Agency that the Minister of Finance, Ali Allawi, was not aware of the signing of the Director General of Al-Rafidain Bank, Hussein Ali Muheisen, on the (Ishtar Gate) project.

He added that "a ministerial order was issued to assign (Bilal Sabah Al-Hamdani) Director General of Al-Rafidain Bank, to succeed Muhaisin."

At the end of last year, the Central Bank of Iraq issued a book indicating the suspension of granting leave to any company before this period, and another book indicating the extension of the suspension.

However, the General Manager of Al-Rafidain Bank signed a contract with the (Ishtar Gate) company to replace the (Key Card) electronic payment company, despite the fact that the Ishtar Gate Company does not meet the terms and conditions of contracting.

[yota691]

Suspending the director of Al-Rafidain Bank from work and referring him to investigation

Rafidain Bank

 March 09, 2021 05:37 PM

Mubasher: Abdul Amir Allawi, the Iraqi Minister of Finance, decided to suspend Hussein Ali, the director of Al-Rafidain Bank, from work and refer him for investigation due to a contract with an electronic payment company.

The decision of the Ministry of Finance, issued today, Tuesday, indicated that Hussein Ali was referred to investigation on charges of signing a contract with an electronic payment company without completing the legal procedures.

The decision stated that Bilal Sabah Hussein, Director General of the Industrial Bank, was assigned the duties of the Director of the Rafidain Bank - as of the date of the decision - until the investigation into the incident is completed.

[Laid Back]

Tackling corruption at all levels.!

 

Go fight against corruption 

Go accountability 

Go Audits 

Go banking system 

[yota691]

Officials praise the referral of the Director of Al-Rafidain for investigation and call for the return of the advances electronically

•  Time: 03/10/2021 10:39:36
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•  Read: 4,433 times

  

{Baghdad: Al Furat News} Employees from various government departments and institutions praised the decision of the Minister of Finance, Ali Allawi, to withdraw the hand of the Director General of Al-Rafidain Bank {Hussein Ali Muheisen} and referred him for investigation on charges of corruption related to signing with an electronic payment company without the approval of the ministry and outside of controls and laws.

The employees confirmed to {Al Furat News}, that "{Muheisen} is an inefficient and unprofessional character to manage the banking business such as such a large bank in Iraq, and it caused the bank to be pushed back."
And they demanded, "the Minister of Finance, the necessity of returning the bank to where it was previously of development and civilization, and using electronic systems to follow the transactions of citizens, employees and retirees, including the return of the electronic presentation on the advances after Muheisen canceled and assigned them to the paper presentation in the branches, where this method was used in which bribes, favoritism and favoritism were used." To receive advances, "as they say.
The Minister of Finance, Ali Allawi, issued an order yesterday, Tuesday, to withdraw the hand of the General Director of Al-Rafidain Bank, the agency {Hussein Ali Muheisen} and refer it to investigation, "because he signed a contract with an electronic payment company without completing the legal procedures."
And it was decided, according to Allawi's order, to "assign {Bilal Sabah} Director General of the Industrial Bank, to walk the affairs of {Rafidain Bank} until the completion of the investigation."
Ammar Al-Masoudi

[yota691]

Finance intends to cancel a contract concluded by the Rafidain Bank with an electronic payment company

Economie

2021-03-11 | 08:11

 

 

510 views

 

 

A source in the Ministry of Finance said today, Thursday, that the ministry is in the process of canceling the contract that the Director of Al-Rafidain Bank signed an agency with an electronic payment company.

The source stated, in an interview with Alsumaria News, that "Ministry of Finance You have reservations about the contract and intends to cancel it because it contains clauses that harm public money.

”The source explained,“ The concluded contract includes conditions and fines incurred by Rafidain Bank in the event of non-compliance with its terms, amounting to 600 million dollars for the first five years, and 500 million for the second five years, And 400 million for the third and 300 million for the fourth, as well as imposing commissions on employees ’salaries."

[yota691]

Source: Finance intends to cancel the Rafidain contract with an electronic payment company due to suspicions of corruption

•  Time: 03/12/2021 09:19:27
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•  Read: 5,707 times

  

{Economist: Al Furat News} An informed source revealed that the Ministry of Finance intends to cancel the contract concluded by the former Director General of the Rafidain Bank {Hussein Ali Muheisen} with the Ishtar electronic payment company.

 

The source told {Euphrates News} that "the ministry rejected the contract because it contains clauses harmful to public money," noting that "the concluded contract includes conditions and fines incurred by the Rafidain Bank in the event of non-compliance with its terms of up to 600 million dollars for the first five years and 500 million for the five years." "The second, 400 million for the third, and 300 million for the fourth, as well as imposing commissions on the salaries of employees and retirees."
Last Tuesday, the Minister of Finance, Ali Allawi, issued an order to withdraw the hand of the General Director of Al-Rafidain Bank, the agency {Hussein Ali Muhaisen} and refer it to investigation, "for signing a contract with an electronic payment company without completing the legal procedures."
And it was decided, according to Allawi's order, to "assign {Bilal Sabah} Director General of the Industrial Bank, to walk the affairs of {Rafidain Bank} until the completion of the investigation."
Ammar Al-Masoudi
 

[yota691]

Finance intends to cancel a contract concluded by the Rafidain Bank with an electronic payment company

Economie

2021-03-11 | 08:11

 

 

 

8,556 views

 

A source in the Ministry of Finance said today, Thursday, that the ministry is in the process of canceling the contract that the Director of Al-Rafidain Bank signed an agency with an electronic payment company.

The source stated, in an interview with Alsumaria News, that "Ministry of Finance You have reservations about the contract and intends to cancel it because it contains clauses that harm public money.

”The source explained,“ The concluded contract includes conditions and fines incurred by Rafidain Bank in the event of non-compliance with its terms, amounting to 600 million dollars for the first five years, and 500 million for the second five years, And 400 million for the third and 300 million for the fourth, as well as imposing commissions on employees ’salaries."

[yota691]

The Central Bank launches a financial system "the first of its kind" in Iraq

07-02-2021

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The Central Bank launches a financial system, the first of its kind in Iraq

Rudaw Digital

The Central Bank of Iraq has launched the digital enrollment service, which is "the first of its kind" in Iraq and the region.

"Digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems," the Central Bank said in a statement issued by Rudaw Media Network.

The system works, according to the Central Bank, to "transform Iraq into a country that is less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial dealings within banks operating in Iraq," as he put it.

The bank considered that this service "is a modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic form, which reduces time and geographical distances and raises traditional barriers in the Iraqi banking sector."

It is noteworthy that the Iraqi population depends very much in their commercial dealings on cash currencies, and the employee salaries are almost paid to some public and private sector companies, which are the only cases in the adoption of electronic payment systems.

[shixjr]

Trying to get rid of that chunky money!  Thank you yota for all the news you bring!

[yota691]

Banking expert: Banks earn up to 8 million dollars a month from citizens

•  Time: 03/18/2021 21:54:46
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•  Read: 2,444 times

  

(Baghdad: Al Furat News) The banking expert, Ali Al-Fariji, confirmed, on Thursday, that "banks profit up to 8 million dollars a month in deductions from citizens every month."

Al-Fariji told {Al-Furat News} that "the presence of a mediator between the government and citizens on the banking side fails, and all existing banks lack professionalism.
" Any international bank that grants a prepaid card gives it for free with a set of privileges or offers, on the contrary, what happened In Iraq, money is deducted from citizens. 
He pointed out that "up to 8 million dollars, banks obtain money in exchange for banking services," noting that "it is not possible for any bank to rely on obtaining a sum of money in exchange for its services," stressing that "in any country in the region the bank gives some type of insurance to customers ".
He added that "there is a percentage of profits recorded for the money that enters the window, and that there is an interest rate in the process by moving accounts and depositing the sums of money in them, and that what is deducted must be free and cannot be taken in exchange."
He said, "We must make sure that the central bank is able to adopt the issue, and that money is being wasted in an unnatural way by dealing with prepaid and card companies."

Raghad Daham

 

 

[yota691]

Digital Finance

Monday 05th April 2021 46

 

Muhammad Sharif Abu Maysam 

 

Digital finance means enabling every citizen to obtain financial services through technology Modern. 

This digital finance is an important tool of financial inclusion programs, as it provides tremendous opportunities for increasing financial inclusion and expanding basic services in light of the widespread use of phones.

 Mobile.

Accordingly, there is an opportunity available to activate electronic payment systems, in conjunction with what the repercussions of the Corona pandemic impose on the importance of remote dealing, to expand the range of financial services towards other sectors, after the electronic accounts base expanded and private financing outlets multiplied as a result of the salaries of more than four million people. An employee, a retired employee and a large number of citizens covered by social care and legal guardianship in the institutions of the Ministry of Justice, as well as the expansion of the form of electronic services, which varied between payment services through sales cards, travel cards and mobile services 

Bank.

 In addition to the programs that talk about the intention to issue a farmer's card in the direction of expanding work towards the sectors of agriculture, transportation and health, so that digital finance is a way to include the poor classes with financial services through technology, which has become accessible to all people in the most remote point in the country.

From this realistic standpoint, which is based on a banking infrastructure that has had priority in preparation and preparation during the past years, the International Finance Corporation is talking today about the results of a study it conducted on the digital financial services sector in Iraq, where the experts of this institution will review the results of this study and how to benefit from them Through an interactive workshop called by this international institution, so that the attendees would be of those concerned with this matter, as well as those involved in financing the agricultural sector in 

Iraq.

The huge development challenges facing the country require diligence at different levels, and among the most important of these levels is digital financial finance, which requires searching for new and different applications for digital finance in light of the administrative legacy based on red tape and bureaucracy in agricultural credit in particular, which will make receiving results The study conducted by IFC experts is meaningless without breaking the bureaucratic legacies in banking.

[dog53]

https://www.rudaw.net/english/middleeast/iraq/07022021

[yota691]

The Ministry of Finance sets new conditions for "electronic payment" in Rafidain and recommends canceling the contract

Economie

2021-05-21 | 12:53

 

 

 

16,641 Views

 

 

On Friday, Minister of Finance Ali Allawi issued new conditions regarding the "electronic payment" project in the Rafidain Bank.

Documents signed in the minister's name included a recommendation to cancel the contract, rewrite it, or to draft a new contract according to new conditions.

 

Below is the text of the documents: