ShafaqNews- Baghdad
Iraq’sbanking sector has expanded to 81 financial institutions, making it one of thelargest banking markets in the Middle East by the number of banks, the Eco IraqObservatory reported on Saturday.
DescribingIraq’s banking sector as one of the most active in the region, the Observatorylisted eight state-owned banks, 24 local commercial banks, 31 local Islamicbanks, 16 foreign banks, and two representative offices of foreign banks. Italso pointed to the rapid growth of electronic payment services, noting thatthe country has 20 electronic payment companies and 25 million active bankcards in circulation.
Despitethe increase in the number of banks and financial institutions, the Observatorysaid that the sector’s economic and service role remains limited, with manyinstitutions yet to fully adopt the technological advances that have reshapedglobal banking.
“Iraqstill does not have a fully integrated electronic bank capable of providingcomprehensive online financial services,” it stated, hailing the country’srecent efforts to modernize the financial sector, expand electronic payments,and reduce reliance on cash-based transactions.
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