Finance Minister: Restructuring Al-Rafidain and Al-Rasheed Banks and Insurance Firms Key to Financial Stability

 
Baghdad–INA

Finance Minister Taif Sami said on Wednesday that the restructuring of Al-Rafidain and Al-Rasheed banks, along with insurance companies, is a critical move to boost financial stability and improve the efficiency of state-owned banks in line with international standards.
 
In a statement received by the Iraqi News Agency (INA), Sami explained that she chaired an extensive meeting with officials from the Insurance Bureau, state-owned banks, insurance firms, and international auditing firm Ernst & Young to review progress on restructuring efforts for these entities.
 
“The restructuring is a crucial step to strengthen financial stability and enhance the efficiency of government banks according to global standards,” Sami said.
 
She also emphasized the importance of modernizing banking systems, reinforcing internal controls, and providing specialized training for banking staff to ensure high-quality financial services.
 
Sami added that the strategic plan would include the integration of modern banking technologies, such as electronic payments, alongside measures to increase transparency and improve capital management. 
She also stressed the importance of collaboration with international financial institutions to leverage global expertise and establish clear timelines for the updates.
 
This restructuring is part of Iraq’s broader efforts to strengthen its financial sector and support its economy.