Fayek: The four Iraqi banks participating in the (My Account) project are ranked among the best bank

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[size=52]Fayek: The four Iraqi banks participating in the (My Account) project are ranked among the best banks in the country[/size]

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03-23-2024
The media official at the Central Bank of Iraq - Erbil Branch, Sarkout Fayek, confirmed today, Saturday, that the four Iraqi banks participating in the (My Account) project are ranked among the best banks in the country.[/size]
[size=45]Sarkout Fayek said: “The (Tawteen) and (My Account) projects are considered one project for the Central Bank of Iraq,” indicating that “The (Tawteen) project is a project launched by the Central Bank of Iraq, and about 43 banks have participated in the project since 2018, including... That is many private (private) banks.”[/size]
[size=45]He pointed out that “the four Iraqi banks participating in the (My Account) project are ranked among the best banks in the country, which means that many of the banks participating in the (My Account) project are participating at the same time in the (Settlement) project,” adding that “there are employees working In Al-Rafidain and Al-Rasheed banks, their salaries were localized in private banks.[/size]
[size=45]He explained that “any bank operating in Iraq is subject to four principles and laws, which are: the Central Bank of Iraq Law issued in 2005, the Money Laundering Law, the Iraqi Banking Law, and the Islamic Banking Law.”[/size]
[size=45]Sarkut Fayek said, “I call on the Kurdistan Regional Government to ask the (Al-Rasheed), (Al-Rafidain) and (TBI) banks to participate in the (Hasabe) project, because the Kurdistan Region is a constitutional entity under the constitution, so the goal of the (Hasabe) and (Settlement) projects is It is the digitization of the issue of salaries.”[/size]
[size=45]He added, "The Central Bank of Iraq has three branches in Iraq, namely Erbil, Basra, and Mosul. The Erbil branch is one of the most active branches of the Central Bank, as it supervises these private banks."[/size]
[size=45]He pointed out that “the work of banks is not limited to paying salaries only. Now Cihan Bank has everything, so the goal of the central bank is to reduce cash transactions.”[/size]
[size=45]He continued by saying: “For example, we have employees in the Kurdistan Region who can withdraw their money via automated teller machines (ATMs), as the Kurdistan Regional Government began installing these devices recently.”[/size]
[size=45]“My Account” is one of the long-term initiatives of the ninth ministerial formation, which is represented in the electronic transformation of public services, achieving greater prosperity for citizens, and facilitating business.[/size]
[size=45]The My Account initiative, launched by Prime Minister Masrour Barzani on February 28, 2023, includes a number of advantages and benefits, both for citizens and for the economy of the Kurdistan Region, which are:[/size]
[size=45]For citizens:[/size]
[size=45]Ease of handling and safety of accounts, because the financing of salaries will be regular and will be paid in a timely manner and without queues, in addition to reducing the risk of theft of salaries and savings.[/size]
[size=45]For financial products:[/size]
[size=45]Generate additional income by putting idle (immobile) money into savings, purchasing goods or financing personal expenses through soft loans, in addition to enhancing financial culture.[/size]
[size=45]For digital payments:[/size]
[size=45]Payment through the “online” system to purchase goods and services available on the Internet, via bank cards, the possibility of transferring money between different accounts via phone applications, and receiving international transfers without the need for banking and transfer offices.[/size]
[size=45]Regarding the economy of the Kurdistan Region:[/size]
[size=45]Increasing the local product as a result of citizens’ participation in the banking sector, raising the rate of consumer spending due to the increase in the proportion of individual loans, creating job opportunities in the banking sector, reducing dependence on cash transactions, raising government performance and transparency, and including digital payments within public services.[/size]
[size=45]During a special meeting at the Fourth Middle East Peace and Security Forum, which was hosted by the American University of Duhok, Prime Minister Masrour Barzani expected that more than one million government employees would register in the “Hasbi” project by the end of 2024.[/size]
[size=45]The number of banks participating in the “My Account” project so far is five, which are: “Ashur Bank, Bank of Beirut and Arab Countries BBAC, Cihan Bank, RT Bank, and the National Bank of Iraq (BNI).”[/size]
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