Commercial Bank of Iraq receives MasterCard license

Under the terms of the licensing agreement, CBIQ will be able to issue MasterCard credit and debit cards, Maestro debit cards and offer access to the Cirrus worldwide interbank network for easy cash withdrawals from ATM's around the world.

CBIQ's agreement with the globally recognised MasterCard brand highlights the bank's success and growth in Iraq's emerging banking and finance industry and recognises its ability to compete with banks on an international platform.

The MasterCard licence is only obtained after rigorous verification and implementation of stringent financial and operational standards.

"We are extremely pleased to be the first bank licensed by MasterCard in Iraq, which is representative of the positive strides being made in the country's banking sector. This license from MasterCard underlines the bank's commitment to adhering to international regulatory requirements. Thanks in no small measure to our close association with Ahli United Bank, CBIQ was able to modernise its processes and upgrade its service offering towards meeting our customers' needs. With this kind of synergy, we aim to deliver value to our customers and stakeholders through pioneering innovative products and services to the market."

said Basil Al-Dhahi, CEO & Managing Director, CBIQ.

MasterCard Worldwide, a leading global payments solutions company, provides services in more than 210 countries and territories.

MasterCard opens the doors to commerce with more than 25 million acceptance locations around the world.

With more than 1 million MasterCard ATM's worldwide, the company promotes the advantages of electronic payments, accelerating the displacement of cash and cheques, and advancing commerce across the globe.