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A bank that opens commercial transactions in Chinese yuan to merchants
Economical 2023/08/01
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Baghdad: Ali Muwaffaq
, Al Janoob Islamic Bank opened new transactions for traders in the Chinese yuan, and is also preparing to start dealing in the euro currency, in an effort to facilitate commercial exchanges and ease pressure on withdrawing the dollar from the market.
The authorized director of the bank, Uday Saadi Ibrahim, told Al-Sabah that the bank opened dealings in the Chinese yuan currency to facilitate the affairs of merchants and their dealings, given the volume of extensive trade exchange with China.
He added that there is a tendency to work in the euro currency as well during the coming period in an effort to provide a basket for the rest of the currencies in front of traders and not to limit the process to dollars.
Ibrahim stated that the bank's management took a decision to more than double its capital to 510 billion dinars, as the first private bank to have such a capital.
Ibrahim stressed that the shift to electronic payment has many positives, especially for merchants, as the bank has imported POS devices in large quantities, in addition to the fact that teams from the bank have made this group aware of the importance of shifting to work with electronic systems, as we have a plan to deploy dozens of devices throughout the country.
He explained that one of the most important objectives of the bank's strategic plan is digital transformation through the provision of banking services through electronic payment systems, as we have invested large sums in this aspect by deploying exchange machines in most areas and issuing cards that contain many privileges, in addition to investing in cash points. Electronic payment through POS devices, which is part of the current government approach.
He pointed out the importance of intensifying citizens' awareness of the importance of electronic payment, as we formed teams to visit all commercial areas to educate the benefits of using it.
Ibrahim pointed out that the bank signed a large investment contract with the Ministry of Construction and Public Municipalities to implement the project for collecting water fees electronically, as we started implementing it in many governorates, including Kirkuk, Nineveh, Karbala and Diyala.
He added that the bank purchases special smart meters and does not cost the state anything, and the bills are paid through electronic cards or systems on the bank's mobile phones, and thus the state guarantees their full rights.
Ibrahim added that the project comes within the framework of electronic payment plans to guarantee the rights of all parties, indicating that the project is a first stage and will be followed later by another stage of collection from the owners of commercial plots in an effort to develop the government collection system.
For his part, the deputy managing director of the bank, Ali Shaker, told Al-Sabah that, from the beginning of this year until the end of last June, the bank opened 112 bank credits in the amount of one billion, 239 million and 936 thousand dollars.
He added that the bank granted loans amounting to 116 billion dinars, while its cash assets amounted to one trillion and 461 billion dinars.
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