1/23/2024 0 Comments Ibiz banking![]() Soldiers, Defense Department civilians, and other well-wishers.Ībass Matrood, the regional manager for Warka Bank, Safa Abd Ali, a local manager, and his staffers - many of them women - also attended. The opening ceremony for Warka Bank drew elected Iraqi officials, including Ali Sadkham Eleqai, the Nasiriyah District Chairman, leaders from the Dhi Qar Provincial Reconstruction Team and a smattering of U.S. By eventually making EFT a standard practice, the amount of foreign currency introduced into Iraq is reduced dramatically. presence is an ongoing mission, making the Iraqi Dinar primary form of currency is more of a challenge. drawdown's objectives: reduction of Iraqi reliance on U.S. The introduction of EFT capability also supports two of the U.S. It is also a much more secure method of payment, without the risk of cash being lost or stolen. In addition, having EFT capability allows for local workers to be paid electronically, provided they establish an account, and gives local contractors the ability to conduct all their financial business at COB Adder. While the payment process has largely shifted to EFT, not having an EFT-capable bank nearby meant that many of the contractors were forced to drive miles away from COB Adder in order to draw the funds to pay their workers. This made the payment of contractors impossible without U.S. Until recently, contractors received payment for services rendered by drawing funds directly from the local finance unit. forces in the nine provinces overseen by United States Division-South. The base, also known as the Tallil - meaning "rule of Ali" - Airbase, is home to over 13,000 Soldiers and civilians and serves as a major logistics hub for U.S. forces and contracting agencies such as KBR pay the Iraqi contractors who will soon do a majority of the business on COB Adder. Having EFT capability within the IBIZ is a critical turning point in how U.S. The bank will bring to the area - for the first time - electronic funds transfer capabilities. Initially proposed in the summer of 2009, the establishment of a bank within IBIZ presents will greatly aid Iraqi businesses and U.S. ![]() Warka has one of the largest banking operations in Iraq, operating over 150 locations throughout the country. 13, 2010, COB Adder saw one of the most significant events to happen in IBIZ since its establishment: the grand opening and ribbon-cutting ceremony of Warka Bank. Whether they are contractors competing for contracts on COB Adder, or vendors selling everything from paintings to rugs, the IBIZ is abuzz with constant activity. forces and support the local economy by providing jobs. The Iraqi-owned and- operated bank was opened thro.ĬONTINGENCY OPERATING BASE ADDER, Iraq - The Iraqi-Based Industrial Zone here, has long been a place where aspiring business-minded Iraqis work with U.S. Army) VIEW ORIGINAL 2 / 2 Show Caption + Hide Caption –Ībbas Matrood, regional manager for Warka Bank, prepares to cut the ribbon during the grand opening of a branch of Warka Bank at Contingency Operating Base Adder, near Nasiriyah, Iraq, Jan. 1 / 2 Show Caption + Hide Caption – (Photo Credit: U.S. ![]()
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