Iraqi Banking Sector Transforms with Electronic Payment Innovations

Engineer Suha Al Kifaee, Managing Director of the International Islamic Bank, discusses the significant transformations in Iraq’s private banking sector. The adoption of an electronic platform based on the central bank rate of 1,320 dinar has ushered in a new era. This shift has facilitated the entry of diverse economic sectors into banks and has been bolstered by the government’s decision to implement electronic payment devices. These initiatives, including widespread card usage among private sector employees, are poised to enhance banking services, focusing on modern electronic payment methods. The International Islamic Bank stands out by offering various electronic payment services, including cashless transactions via their banking application and electronic payment devices. The bank also supports account opening and product expansion for businesses, contributing to the growth of Iraqi products and e-commerce.