Rafidain Bank suspends loan applications from parliamentarians and employees.

An informed source revealed on Thursday that the government-owned Rafidain Bank has suspended applications for loans and advances allocated to employees, retirees, and members of the Iraqi parliament.

The source told Shafaq News Agency, “Many requests for loans and advances for employees and retirees have been suspended, especially those that were months old and have not been granted.”

The source revealed that “some parties are favored over others in the granting process, based on favoritism and nepotism.”

The source pointed out that “the bank is relying on paper-based transactions for granting loans and advances instead of the announced electronic system, which has angered employees and retirees.”

Since 2023, Rafidain Bank has begun disbursing installments of “loans for employees, members of the Interior and Defense Ministries, and retirees” electronically, directly via MasterCard, after completing the requirements. The disbursements are at an interest rate of approximately 5% per annum, with a repayment period of up to five years (60 months).

Shafaq.com