Bank of Baghdad, Commercial Bank of Iraq and Ashur Bank Iraq Launch First MasterCard

AMWAL Consortium of Banks Issue MasterCard Credit and Debit Cards in Iraq
Bank of Baghdad, Commercial Bank of Iraq and Ashur Bank Iraq Launch First MasterCard Card Programs in Iraq

AMWAL, an Iraqi-owned banking consortium, today announced that two financial institutions in Iraq have launched new MasterCard credit and debit card programs for consumers in Iraq.

Through its association with AMWAL, Bank of Baghdad Iraq, Commercial Bank of Iraq and Ashur Bank Iraq are the first AMWAL customer banks to begin issuing MasterCard credit and debit programs to its customers in Iraq.

Dr. Younes Brouche, Executive Vice Chairman of Bank of Baghdad stated; "We are committed to deliver value-added solutions to our customers in Iraq and we are very excited about the collaboration with MasterCard, which we believe has further strengthened our payment services to our customers. This launch is testament to our commitment to better serve our Iraqi customers and extend best-of-class products and services to them."

Mr. Atheer Al Kadi, Executive Director of AMWAL said; "We, at AMWAL and our member banks are very proud to launch MasterCard credit and debit card programs for consumers in Iraq. It is a privilege to be associated with MasterCard Worldwide, a leader in advancing global commerce and to be able to provide our customers access to the MasterCard global payments network."

The MasterCard branded payment cards enable AMWAL member banks to offer their customers access to their personal funds and make payments at 28.5 million acceptance locations globally, wherever MasterCard cards are accepted. Payment cards provide consumers a secure and convenient alternative to cash and checks when making purchases. Payment cards, such as MasterCard credit cards, provide consumers with a line of credit. MasterCard debit cards provide consumers with a tool to better manage daily expenses via accessing their personal funds directly from their bank accounts. Both card programs allow consumers to enjoy global acceptance, flexibility, convenience and security as consumers go about their daily lives.

Basel Eltell, vice president and regional manager, Levant, MasterCard Worldwide said; "This development is testament to MasterCard's commitment in further enhancing the payments landscape in the Iraq. We are delighted to collaborate with the Amwal Banking consortium and its affiliated banks such as Bank of Baghdad, Commercial Bank of Iraq and Ashur Bank Iraq. These banks' customers can now leverage the benefits of MasterCard's payment solutions that are accepted globally and receive benefits and services that are designed to suit their lifestyle needs."

http://www.zawya.com/Story.cfm/sidZA...20in%20Iraq%20

able to provide our customers access to the MasterCard global payments network."

HUH?? global payments???

I heard this also from someone else.. no not bloo goo...

she said that Iraq wants to do this soon... however i don't think they need to RV to start using credit cards? do they?

Me and Sunny were discussing this more...

Sunny mentioned: if Iraq starts using mastercard and they don't RV, and can't pay the bills, then it becomes an unsecured debt which no company or person wants.

Which I agreed with... I also don't think mastercard or any major card company would even dare tread water with a country who's currency is worthless, so much unsecured debt would racked in, it'd be insane. They would want Iraq to RV and have currency that is of good value before they would start having contracts with merchants and Iraqi's.

Anyways that was our two cents worth.....

I just cant imagine anyone havin enough dinar in their hands over there to pay the bill if they use it outside of the country. LOL! I think this is just another key to the puzzle!

Sunny and Sym--I think both of you have just hit on something and I absolutely agree. A few times I have used my credit card for purchases in another country. The last time was Australia. I bought a couple of shooting caps from a gun club there. Anyway, they billed my card with the Australian amount and the credit card company converted it based on the exchange rate for that day and subsequently billed me in US dollars. At the present value of the dinar, it would really not take long to run up a significant debt. What a can of worms this could be.

I think the fact there is talk about this between iraq and mc they know something will pop soon.