AMWAL and MasterCard Continue to Establish Efficient and Secure Payments System for Consumers in Iraq

Mr. Atheer Al Qadhi, Executive Director of AMWAL.

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AMWAL Reaffirms Successful Relationship with MasterCardMasterCard Worldwide

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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 MasterCardMasterCard 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 MasterCardMasterCard Worldwide, a leader in advancing global commerce and to be able to provide our customers access to the MasterCardMasterCard global payments network."

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Basel Eltell, vice president and regional manager, Levant, MasterCardMasterCard Worldwide said; "Our relationship with AMWAL has grown from strength to strength in the last few months. We have seen the launch of three MasterCardMasterCard 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."

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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 MasterCardMasterCard, 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 MasterCardMasterCard 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 MasterCardMasterCard."

MasterCardMasterCard 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 MasterCardMasterCard cards are accepted. Payment cards provide consumers a secure and convenient alternative to cash and checks when making purchases. Payment cards, such as MasterCardMasterCard credit cards, provide consumers with a line of credit. MasterCardMasterCard 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

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About AMWAL
AMWAL's mission is to provide affordable electronic banking products to every Iraqi citizen, and connect Iraqi banking services to the larger international financial network. AMWAL is the organizing force behind efforts to bring electronic banking products, such as credit cards, debit cards, ATMs, point-of-sale devices, and mobile banking - to the Iraqi market. AMWAL's network will enable visitors to use internationally issued cards in Iraq and will allow Iraqis to use their MasterCardMasterCard Debit Cards while traveling abroad.

AMWAL currently has thirteen members and was created to serve all banks in Iraq. Its membership is open to any institution that meets the established operational and regulatory requirements. AMWAL is a limited liability company registered by the Iraqi Ministry of Trade and supported by the Central Bank of Iraq.

© Press Release 2009