Revamping Iraq’s Banking Sector for Economic Growth
Baghdad, Iraq, 27th June 2024, Due to sanctions imposed on Iraq’s banking sector for various reasons, both the economy and private sector are hindered from achieving their full potential. In today’s digital economy, centred on online transactions and digital interactions, Iraq’s banking sector has predominantly focused on traditional profit-making methods, particularly through currency exchange with the government.
The retail banking side remains very limited due to extensive paperwork, rigorous due diligence requirements, and narrow profit margins. Banks hesitate to expand their retail business due to attempts to profit from consumers who already lack financial resources and face high unemployment ratios.
According to Shwan Ibrahim Taha, CEO and founder of Rabee Securities, an expert i...