| 2007: Iraqi private banks start the application of international standards |
|
December 18, 2007 Iraqi banks began using modern techniques and sophisticated regulations in banking business to prepare for the construction and reconstruction campaigns expected to start in 2008. The banking sector is seeking to apply international standards, and Ashur International Bank for Investment has already signed a contract with the Jordanian company (CCS), a representative of the English Company (ICS), for the supply, installation and maintenance of an advanced banking system for the main center of the bank and all its branches. This new banking system will create a major development in the bank's activities and services it provides through setting mechanic exchanger devices and provide its clients with (banking internet) service as well as having an advanced dealing room. An authorized source said that this system will enable the bank to live up to international banks; the contract was also signed by the Iraqi Investment Bank along side Ashur International Bank. It is hoped to start the application of the new system during a four-month period when the two banks would start training their cadres at (CCS) Company headquarter in Amman for the purpose of gaining the required experience. |