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DG / CHAIRMAN SPEECH
Since its foundation in 1988, RASHEED BANK had several efficient administrations that came successively. They continued their extraordinary giving, depending on regulations, laws and its adopted by-laws. We have been tasked to administrate Rasheed Bank having been serviced at several state-owned banks. The Bank represents one of the major financial institutions in Iraq that affect the economy levels and trends. In an analytic study made by Studies and Research Office, Union of Arab Banks (published in the Union’s magazine, ed. 400, Mar.2014), it ranked Rasheed Bank within top 50 Arab banks, along with its two brothers Rafidain Bank and Trade Bank of Iraq (TBI).
Meanwhile, we have great expectation in our staff to work as a team so as to achieve their institution’s objectives, work on grading the provided service level and coping with the banking industry developments by acquiring modern banking systems. Thus, Rasheed Bank started its first steps to have the core banking system, activate smart card activities, expand branch network locally and look forward to open ones abroad.
We pray God to grant us success on this responsibility to serve our customers and fellow citizens.
Mohammed Abed Al-Wahaab Abed
Rasheed Bank DG & Chairman
TO KNOW ABOUT BUSINESS COURSE, DG VISITS MALA’AB BRANCH
Rasheed Bank DG paid Al-Mala’ab Branch a visitation to know about business course and needs of customers and employees. Mr. Mohammed Abed Al-Wahaab Abed stressed that the visit had come within the governmental reform program which the Bank seeks at its implementation through rectification of service in all its branches to upgrade quality and speed of services made to customers and process their transactions as quickly as possible. On the other hand, he listened to branch customers’ opinions, suggestions and obstacles they face . He instructed the branch management to overcome them and consider branch employee requests.
RASHEED BANK LAUNCHED SERVICE OF COVERING CORPORATE & INDIVIDUAL IMPORTS IN FOREIGN CURRENCY
To support national economy, Rasheed Bank decided to launch the service of covering corporate and individual imports in foreign currencies. This was announced by Mr. Mohammed Abed Al-Wahaab Abed, Rasheed Bank DG, as he assured that this initiative had been made to support our economy by covering commercial activity made by traders and the Bank is ready to pay value of commodities imported from overseas in foreign currencies. Abed Al-Wahaab added that the importer may promote the request through Rasheed Bank or exchange companies licensed by the Central bank f Iraq, knowing that previously the Bank had announced finishing its procedures to sell US Dollar to travelers through its branch of the Baghdad International Airport.
PROMOTING EMPLOYEE WEDDING TRANSACTIONS (REQUESTS)
For the sake of mitigating young people burdens, Rasheed Bank determined making micro loans to employees of the Bank and other state institutions who intend to marry. This was assured by Mr. Mohammed Abed Al-Wahaab Abed, Rasheed bank DG, adding that the micro loan is made only once and the maximum amount is (5 000 000) five million Iraqi Dinar under a legal marriage contract. He also added that borrower should submit an insurance policy from a state insurance company plus a bonds man who is an state employee on payment roll, provided that marriage contract date is no earlier than a year ago till date of application.
LIST OF MAKING MARRIAGE LOANS TOMINISTERIES’ EMPLOYEES
A list of ministries whose employees are given marriage micro loans by Rasheed Bank, depending on division between Rasheed and Rafidain Banks.
(Ministry of Health, Ministry of Foreign Affairs, Ministry of Higher Education, Ministry of Culture, Ministry of Construction and Housing, Ministry of Science and Technology, Ministry of Industry and Minerals, Ministry of Justice, State Ministry of National Security, Ministry of Youth and Sport, Ministry of Trade, State Ministry of Women Affairs, Ministry of Tourism, Ministry of Planning and Developmental Cooperation, Ministry of Migration and Displacement and Ministry of Electricity).
Note: any ministry not mentioned in the division between the two banks, belongs to Rasheed Bank.
FINISHING PROCEDURES OF MAKING MICRO LOANS TO PENSIONERS
Rasheed Bank has issued its instructions of making micro loans to pensioners who are its Qi Cards holders. Rasheed Bank DG ,Mr. Mohammed Abed Al-Wahaab, explained “we had directed our branches in all governorates to promote requests of borrower pensioners”. Making loans will be depending on monthly pension and maximum amount is (3 000 000) three million Iraqi Dinars with a bonds man who is an state employee on payment roll.
RASHEED BANK DG, FIELD TOUR TO KNOW ABOUT BRANCHES SITUATIONS
Seeking at making best banking services, Rasheed Bank DG ,Mr. Mohammed Abed Al-Wahaab set a plan to visit the Bank branches as he commenced it by visiting the following branches : Itimad Tijaree, Irkhaita, Wathba, Dijla and Salhiya; in addition to the Head Quarters’ Departments. During the tour he met citizens and knew about the obstacles they face while processing their banking transactions. During the visit he stressed on good dealing with customers and listened to personal requests of the employees regarding banking business, knowing that previously Mr. Abed Al-Wahaab instructed to set Tuesdays for interviewing citizens and Thursday for bank employees.
RASHEED BANK, NAMING BRANCHES FOR RECEIVING TORN BANKNOTES FROM CITIZENS
Rasheed Bank directed its branches to receive torn banknotes from citizens. This was declared by Rasheed Bank DG and he said that outlets were specified to replace torn banknotes for citizens, according to directions of the Central Bank of Iraq. The bank management directed the Vault Department to withdraw torn banknotes and deposit them at the Central Bank of Iraq. Mr. Abed Al-Wahaab added that the branches which were tasked to withdraw torn banknotes are (Shourja, Jameela, Raghiba Khatoon, Hay Sumer, Baia’, Utaifiya, Karkh and Yarmook), knowing that previously the bank management made instructions to facilitate paying and withdrawing hajjis checks and receiving pensions at unstable regions by specifying certain branches in Baghdad.
RASHEED BANK DECLARES CONTUING SUSPENSION OF INDIVIDUAL MICROLOANS AND HOUSING LOANS TILL FURTHER NOTICE FOR ORGANIZATIONAL MATTERS
Rasheed Bank declares continuing suspension of individual micro loans and 100-salary-equivalent loans till further notice. This procedure is related to organizational matters of banking business. Resource mentioned that there are many bad people who seek at utilizing others by selling and promoting specific forms of loans and micro loans that do not exist currently and added that the Bank is still practicing making micro loans for small projects, widow and divorced women loans, micro loans for pensioners and married people and loans for industrial, agricultural and other service projects. It is also participating in supporting investment projects which raise GDP and national income which enters in establishment of housing compounds that curbs the housing crisis.