MICROCAPITAL BRIEF: Iraq’s Ashur International Bank, Al-Amwal Company Building Digital Banking System with Support from IFC

Ashur International Bank, which serves personal and corporate clients in Iraq, and Al-Amwal Company, a payments company in Iraq, are collaborating with the World Bank Group’s International Finance Corporation (IFC) to offer digital banking services.

Nour Al-Handal, the Assistant Managing Director of Ashur, stated “Our partnership with IFC will help us to build the needed foundation to effectively and efficiently expand our outreach to the under-banked Iraqi retail and businesses and fulfil our mission in contributing in rebuilding a new stable Iraq.”

Ashur offers its services online and via 10 branches. During 2016, it earned IQD 34 billion (USD 29 million) on total assets of IQD 375 billion (USD 318 million). The bank is 13-percent owned by the government-controlled Al Rafidain Bank.

Al-Amwal provides electronic banking services in partnership with firms such as Access to Arabia, MasterCard, Meps, Spire Payments, STS and Visa. Al-Amwal is a privately held firm and does not release its financial data.

IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. IFC has 184 member countries and total assets of USD 95 billion as of September 2017.

The World Bank Group is a multilateral organization whose goal is “to end extreme poverty and promote shared prosperity in a sustainable way.” As of 2018, it has 189 member nations. The group encompasses (1) the International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank; (2) the International Finance Corporation (IFC); (3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes. During 2017, the World Bank Group disbursed funds totaling USD 44 billion.

Sources and Additional Resources:

IFC press release
https://ifcext.ifc.org/ifcext/Pressroom/IFCPressRoom.nsf/0/AC86C1B69BC23EED8525825C002C0C4D?OpenDocument

Ashur annual report, 2016 (English)
http://www.ashurbank.com/sites/default/files/Ashur%20Bank%20Annual%20Report%202016%20%28En%29_1.pdf

Ashur quarterly report, September 2017 (Arabic)
http://www.ashurbank.com/sites/default/files/AIB-FS%2030%20Sep%202017_0.pdf

IFC budget for fiscal year 2018
http://www.ifc.org/wps/wcm/connect/cbd63894-c62a-453c-bfc8-92b8f8a3155f/IFC+FY18+Q1+MDA+and+FS_FINAL.pdf?MOD=AJPERES

World Bank Group
http://worldbankgroup.org/

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