Latest news with #IraqiDinars
Iraqi News
3 days ago
- Business
- Iraqi News
RTB Bank launches low-interest loans for solar panels in Iraq
Baghdad ( – RTB Bank, a prominent Iraqi financial institution, announced on Friday (July 25, 2025) the launch of a new low-interest loan program. This initiative aims to support the installation of solar panels in homes and commercial establishments across Iraq. The program is part of a broader national strategy, financed by the Central Bank of Iraq, designed to reduce carbon emissions, boost reliance on renewable energy, and address the country's escalating electricity crisis. According to a statement from RTB Bank, the new program offers flexible financing options for individuals and companies eager to transition to clean energy solutions. Loan values range between 7 million and 30 million Iraqi Dinars (approximately $4,800 to $20,700 US Dollars), with a repayment period extending up to seven years and an optional six-month grace period. This initiative seeks to empower citizens to invest in solar technology through accessible financing and competitive interest rates. It represents a significant step towards diversifying Iraq's energy sources and achieving its environmental objectives. Iraq has long grappled with chronic electricity shortages, which worsen during the scorching summer months when temperatures can exceed 50 degrees Celsius, severely straining the national grid and increasing energy demand. Ahmed Nawzad, CEO of RTB Bank, affirmed the bank's commitment to supporting sustainable development and expanding the country's energy mix. 'This program represents a great opportunity to enhance sustainable development and broaden the energy mix in the country. At RTB, we are committed to helping our clients build a greener future and achieve economic growth through innovative financial solutions,' Nawzad stated. The bank advises interested individuals and businesses to contact their nearest RTB Bank branch for additional details regarding eligibility requirements and the application process. RTB Bank for Investment and Finance was established in 2001, with its main headquarters in Erbil. It is licensed by the Central Bank of Iraq and listed on the Iraq Stock Exchange.
Iraqi News
6 days ago
- Business
- Iraqi News
Iraq Stock Exchange trades over 7 billion dinars this week
Baghdad ( – The Iraq Stock Exchange (ISX) announced that shares exceeding 7 billion Iraqi Dinars were traded across five trading sessions since the beginning of this week, up to today, Thursday (July 24, 2025). According to the market indicators, the total number of shares traded this week surpassed 3 billion, with a financial value exceeding 7 billion Dinars. These transactions were executed through 4,493 buy and sell contracts on the shares of companies listed on the exchange. The ISX60 trading index closed at 988.37 points for the first session of the week and finished the week at 990.05 points, marking an increase of 0.17% from its opening close. Similarly, the ISX15 trading index opened the week at 1120.15 points and closed at 1138.27 points by the end of the week, achieving a 1.59% increase from its opening close.
Iraqi News
22-07-2025
- Iraqi News
Baghdad court sentences former traffic directorate employee to life for embezzlement of 10 billion dinars
Baghdad ( – Iraq's Federal Commission of Integrity (CoI) announced today, Tuesday (July 22, 2025), that two in-person lifetime imprisonment sentences have been issued against a former employee of the General Traffic Directorate for embezzling over 10 billion Iraqi Dinars. The CoI stated that the Rusafa Criminal Court issued the two verdicts in the case of the former General Traffic Directorate employee, whom the commission had investigated following his arrest. The court sentenced him to lifelong imprisonment and ordered him to pay the embezzled sum of 10,446,442,000 Iraqi Dinars. The CoI added that the court issued these verdicts based on Article (315/Part Two) of the Penal Code, granting the aggrieved party the right to claim compensation before civil courts once the verdict becomes final. The Commission noted that on March 5, it had announced a specialized operation that resulted in the seizure of 3,390,000,000 Iraqi Dinars from the embezzled funds of the General Traffic Directorate. These funds were hidden by four relatives of the convict in travel bags, along with 5 kilograms of gold jewelry, found in an abandoned house in a Baghdad neighborhood. The CoI affirmed that it continues to investigate the case, including other embezzled amounts, as well as real estate and vehicles suspected of being acquired through the embezzlement of General Traffic Directorate funds.
Iraqi News
21-07-2025
- Business
- Iraqi News
Iraq Stock Exchange sees over 7.8 billion dinars traded last week
Baghdad ( – The Iraq Stock Exchange (ISX) announced today, Monday (July 21, 2025), that shares exceeding 7.8 billion Iraqi Dinars were traded last week. According to a report reviewed by Shafaq News Agency, 61 joint-stock companies saw their shares traded, while 35 companies did not have trades due to a mismatch between buy and sell orders. Additionally, 8 companies remain suspended for failing to provide required disclosures, out of a total of 104 listed companies. The report detailed that the number of traded shares reached 5.415 billion shares, marking a 150% increase compared to the preceding week. The total financial value of these trades amounted to 7.885 billion Dinars, representing a 34% rise, achieved through the execution of 4,438 transactions. The ISX60 price index closed at 979.85 points, recording a 0.61% increase from its close in the previous session. Regarding transactions by non-Iraqi investors, purchased shares totaled 128 million shares valued at 527 million Dinars across 82 transactions. Sold shares by non-Iraqi investors reached 307 million shares, valued at 645 million Dinars, through 11 transactions. The Iraq Stock Exchange holds five trading sessions weekly, from Sunday to Thursday. It lists 104 Iraqi joint-stock companies representing various sectors, including banking, telecommunications, industry, agriculture, insurance, financial investment, tourism, hotels, and services.
Mid East Info
15-07-2025
- Business
- Mid East Info
MENA Fintech Association Launches Iraq Chapter, Appoints Bahaa Abdul Hadi as Country Chair - Middle East Business News and Information
(DUBAI) — The MENA Fintech Association (MFTA), the leading not-for-profit organization dedicated to fostering fintech innovation and collaboration across the Middle East and Africa, today announced the launch of its Iraq Chapter. Mr. Bahaa Abdul Hadi, a distinguished Iraqi-Canadian entrepreneur and fintech pioneer, has been appointed as the Chapter Chair, bringing his extensive expertise and vision to drive digital financial transformation in Iraq and foster international compliance in Iraq. Bahaa Abdul Hadi will lead the association's initiatives in Iraq, focusing on accelerating fintech adoption, fostering collaboration, and supporting the country's evolving financial risk and compliance infrastructure. A Vision for a Digital Iraq Iraq's financial sector is witnessing a wave of transformation, driven by digital banking initiatives, mobile payments, and fintech innovation, and fueled by economic reforms, increasing financial inclusion, and rapid digital adoption. The introduction of the Digital Payment Regulation No.2 of 2024, aiming to reduce cash dependency, increase transparency, and drive greater adoption of digital payment tools, marks a significant leap towards a cashless economy. Backed by the Central Bank of Iraq (CBI), and United Nations Development Programme (UNDP), this regulation is designed to modernize Iraq's financial infrastructure, enhance financial inclusion, and align with international best practices. The total volume of digital transactions in Iraq surged from 2.6 trillion to 7.6 trillion Iraqi Dinars within a year, reflecting growing trust and adoption of digital finance. The launch of the MFTA Iraq Chapter comes at a pivotal time when the nation is embracing financial technology as a key enabler of economic stability and growth. With fintech investments on the rise, supported by regulatory advancements and a growing digital economy, Iraq is poised to emerge as a leading fintech hub in the region. Mr. Bahaa Abdul Hadi, a visionary leader and fintech advocate, has played a crucial role in shaping Iraq's digital financial sector. As the co-founder of International Smart Card (ISC) in 2009, he introduced flagship Qi Card, a pioneering biometric payment solution that transformed Iraq's financial landscape by offering secure and efficient digital transactions. Under his leadership, ISC has become a cornerstone of Iraq's fintech ecosystem, serving both public and private sector partners while driving financial inclusion for millions of Iraqis. 'The future of Iraq is digital, and fintech is at the heart of this transformation. Through the MFTA Iraq Chapter, we are creating an ecosystem that fosters innovation, collaboration, and financial empowerment,' said Bahaa Abdul Hadi, Chair of MFTA Iraq. 'By working closely with regulators, financial institutions, and technology innovators, we aim to drive the adoption of secure and efficient digital payment solutions that serve the needs of the Iraqi people and businesses.' The Role of MFTA Iraq With Iraq undergoing economic diversification and digital transformation, the MFTA Iraq Chapter will play a vital role in accelerating fintech collaboration through key initiatives: Promoting Innovation Strengthening Collaboration Enhancing Financial Literacy Supporting Regulatory Advancements Fintech for the Good With a community of 22,000+ members spanning the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Egypt, Morocco, and Ivory Coast, MFTA is playing an increasingly pivotal role in shaping digital banking policy, regulatory engagement, and market development. Through its dedicated country chapters – including MFTA BAHRAIN, MFTA SAUDI, MFTA QATAR, and MFTA AFRICA – MFTA ensures MENA's fintech ecosystem remains globally competitive and innovation-driven. The country chapter will unveil its 2025 roadmap in the coming weeks, detailing strategic initiatives focused on regulatory modernization, digital banking infrastructure development, and fintech for the good. Nameer Khan, Chairman of the MENA Fintech Association, said: 'Iraq's fintech transformation is a pivotal step toward a digitally inclusive and resilient economy. The launch of MFTA Iraq is more than expansion — it is about positioning Iraq as a key player in the region's fintech evolution. With increasing digital adoption and regulatory progress, Iraq has an opportunity to leapfrog into a thriving fintech hub.' 'MFTA Iraq, under the visionary stewardship of Bahaa Abdul Hadi, will drive regulatory dialogue, foster public-private partnerships, and embed fintech into Iraq's financial future. This is about economic empowerment, cross-border trade, and integrating Iraq into MENA's fintech landscape. MFTA is committed to ensuring fintech innovation in Iraq is recognized, scaled, and aligned with global financial trends', Nameer Khan added. The MFTA Iraq Chapter is set to play a crucial role in shaping the future of financial services in Iraq. With a strong focus on digital innovation, regulatory collaboration, compliance and financial inclusion, the chapter aims to drive economic growth and position Iraq as a fintech powerhouse in the region.
