Amwal and MasterCard continue to establish efficient and secure payments system for consumers in Iraq

Amwal, a banking consortium in Iraq, continues to make significant strides in establishing the payments landscape in Iraq in line with integrating Iraq's financial and banking sectors with the rest of the world.

Amwal began operating at the beginning of 2009 with the aim of setting up switching capabilities as well as ATMs and POS terminals at merchant locations across Iraq. To date, Iraq consumers have seen the introduction of three MasterCard credit and debit card programs from Bank of Baghdad, Commercial Bank of Iraq and Ashur Bank.

The consortium to date comprises thirteen Iraqi banks and its membership is open to any institution that meets the established operational and regulatory requirements in Iraq.

Mr. Atheer Al Qadhi, Executive Director of Amwal, said:

"This transformation of the Iraq payments market from cash to electronic payments is our main goal. 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."

Mr. Al Qadhi added; "Amwal services cover all governorates of Iraq. Today we have 200 of our services in Iraq and we are looking to double this by the end of this year. We believe that building our strategic collaboration with MasterCard will allow us to continue to advance the payments market in Iraq."

Basel Eltell, Vice President and Regional Manager, Levant, MasterCard Worldwide said; "Our relationship with Amwal has grown from strength to strength in the last few months. We have seen the launch of three MasterCard card programs in Iraq and are committed to support Amwal as they continue to develop the payments landscape in the market. Such developments in the payments landscape are critical for merchants and consumers, who are now able to benefit from a secure and efficient payments system. We look forward to collaborating continuously with Amwal to meet their vision in developing the payments landscape in Iraq."

Wade Al-Handal, chairman of Ashur Bank, said:

"Ashur Bank is always looking for strong relationships and through our collaboration with MasterCard, our customers can now use MasterCard cards globally. We are very proud of being one of the first three Iraqi banks in Iraq offering consumers debit and credit MasterCard cards. Our plan is to continue to offer a wide range of the electronic banking services. We are very excited about giving our customers access to international and local point of sale (POS) terminals and ATMs."

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. Bank of Baghdad is one of the first banks in Iraq to offer its customers internationally recognized MasterCard debit and credit cards that they can use on the banks' ATMs and on the Amwal POS network in Iraq as well as internationally at locations that accept MasterCard."

MasterCard payment cards enable Amwal customer banks to offer their customers access to their personal funds and make payments at 28.8 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.

List of customer banks who are part of the Amwal consortium:
- Bank of Baghdad
- Ashur Bank
- Commercial Bank of Iraq
- Gulf Commercial Bank
- Credit Bank of Iraq
- Middle East investment Bank.
- Investment Bank of Iraq.
- Basrah Bank
- Mosul Bank
- Sumer Bank
- Tigris and Euphrates Bank
- Al-Mansur Bank
- Union Bank.