The Minister of Finance discusses the restructuring of Rafidain and Rasheed banks and the insurance sector.
Finance Minister Taif Sami discussed on Sunday (January 18, 2026) the restructuring of the Rafidain and Rasheed banks in accordance with the recommendations of the advisory body, and discussed procedures for establishing the “First Rafidain Bank” and updating the financial information infrastructure in Iraq.
A statement from the Ministry of Finance said that Sami “chaired an extensive meeting at the Ministry headquarters with representatives of the international consulting and auditing firm (Ernst & Young), in the presence of the advisor and a number of general managers in the Ministry and government banks, to discuss the practical steps aimed at implementing the comprehensive reform plan for financial institutions.”
According to the statement, the meeting witnessed “a discussion of the insurance sector restructuring file, through following up on the remaining stages of merging the National and Iraqi Insurance Companies within the specified timeframes, with a focus on strengthening governance and adopting international financial reporting standards to raise the efficiency of financial performance in line with the requirements of the global market.”
He added, “The meeting also addressed the restructuring of the Industrial Bank and the move towards contracting with a specialized consulting firm in this regard, in conjunction with the projects for automating financial systems and comprehensive digital transformation, through which the ministry aims to improve operational efficiency and reduce the time spent on transactions.”
During the meeting, the Minister of Finance affirmed that “the Ministry is moving forward, according to specific timetables, to translate the government program into tangible reality, stressing the importance of strengthening partnerships with global consulting institutions to ensure that national procedures comply with sound international standards.”
At the conclusion of the meeting, the Minister of Finance stressed the importance of continued cooperation with the international company to overcome technical challenges and train national cadres, in order to ensure the sustainability of structural reform. Representatives of Ernst & Young praised the serious steps taken by the Ministry to modernize financial institutions, stressing their continued technical support for developing auditing and banking processes in a way that serves the stability of the Iraqi economy.
Burathanews.com