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Rafidain Bank in Bismaya
Economical 11/02/2023
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Muhammad Sharif Abu Maysam
In a study by a researcher in banking affairs, he concluded that the total number of bank branches operating in Iraq until the beginning of the year 2021 amounts to about 904 branches, including 327 in Baghdad and 574 in other governorates, which means that each branch serves more than 25 thousand adult individuals. This represents a low coverage rate compared (at least) to neighboring countries, as each banking branch in Jordan provides its services to only about 7 thousand individuals, in Turkey to about 6.5 thousand individuals, and in Iran to 3.2 thousand adult individuals.
We previously pointed out in Al-Sabah Economy through our article “Bismaya Bank” published on 5/7/2019 that a city like the new city of Bismaya (which is currently inhabited by more than seventy-five thousand citizens after more than 15 thousand housing units were occupied... Over the course of more than seven years) there is an urgent need for a bank that provides its services to the population, especially since all owners of residential units have banking transactions after government banks purchased these units from the “Hanwa” company and then sold them in installments to their occupants, in addition to what is said about the financial inclusion program that It is managed by the Central Bank of Iraq, and its vocabulary is adopted by the departments of these banks with the aim of providing banking services to all segments of society and in all regions of the country.
How can the situation herald an active economic movement in this city, which is inhabited by many commercial professionals and businessmen, after the significant expansion in the construction of housing units and public facilities, in addition to the need for the emergence of commercial centers there.
Based on this and more, an office affiliated with the Rafidain Bank was recently opened in this city. This is a step that, although shy, is blessed, as it has inspired a spirit of optimism and relief among the residents, hoping to find banking services that will spare them the need to go to the center of Baghdad, the capital. In light of the traffic congestion resulting from the campaign to reconstruct the beloved capital, we say shy because everyone was waiting for the opening of a branch that provides all the comprehensive banking services that infuse the economic life of the city with a new spirit that helps the population and encourages the National Investment Authority to invest the abandoned spaces to build a gas station and a hospital commensurate with the increase in... The number of residents and a commercial center for professions, crafts, and health services, as the office differs completely in the size and quality of services it provides to the public from the branch, in addition to the presence of many buildings suitable for opening a branch, which are said to belong to government agencies, but they have been closed for about seven years.
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