Latest updates, analysis, and insights from the world of Islamic finance and fintech.
Gini has announced the signing of a strategic partnership agreement with JD.com, China's largest e-commerce platform and one of the world's leading online retail marketplaces, in a move aimed at strengthening Iraq's e-commerce ecosystem and expanding the company's international partnership network.
Investment television programs such as Shark Tank Iraq, Al-Fursan, and Al-Jisr have generated significant public attention and dominated social media trends. Viewers watch young entrepreneurs confidently present technology ventures and FinTech ideas, with discussions of multimillion- and even multibillion-dinar valuations while investors compete to acquire equity stakes.
Another major incident has shaken public confidence in Iraq's digital platforms, with the latest victims being the privacy of hundreds of thousands of users. The recent security breaches involving the Olla educational platform and the Tamata shopping application were far more than isolated technical failures—they served as alarming warnings about the fragility of the digital infrastructure supporting companies that process millions of Iraqi dinars in transactions every day.
As Iraq's digital banks proudly introduce the latest artificial intelligence (AI) technologies as powerful tools for fraud prevention, and the Central Bank of Iraq (CBI) continues to promote AI as a cornerstone of the country's financial modernization, a more fundamental question is emerging among the public: Are these algorithms truly designed to protect people's money, or are they becoming sophisticated tools for monitoring citizens' financial lives?
Almost overnight, the small screens in Iraqis' hands have transformed into the country's largest open marketplaces. Social commerce through platforms such as Facebook, Instagram, and TikTok is no longer just a passing trend—it has become a powerful force reshaping the landscape of shopping and digital payments in Iraq, while placing traditional retailers under growing competitive pressure.
In a long-awaited development that followed intensive behind-the-scenes negotiations in Washington, D.C., the U.S. Department of the Treasury announced on 22 July the reinstatement of seven Iraqi banks to international correspondent banking channels.
While elegant conference halls at the Central Bank of Iraq (CBI) continue to host lengthy discussions and ambitious promises, many Iraqis remain frustrated by the persistent technical failures affecting the country's digital payment infrastructure.
Sponsored advertisements flood smartphone screens across Iraq every day, promoting an enticing financial promise: "Get your loan now—no queues, no guarantor required." Amid ongoing economic challenges and a growing demand for liquidity, instant digital lending services appear to offer a convenient solution for young people and families. Yet behind the attractive marketing lies a set of terms and conditions that many observers warn could lead to serious financial consequences.
Seeking to escape the routine of traditional employment, thousands of young Iraqis are turning to the freelance economy. Whether they are developing enterprise software and commercial applications, crafting modern marketing strategies, or designing urban and architectural projects, financial technology (FinTech) platforms have become the primary gateway through which they receive their earnings.
"Your payment has been successfully processed." It is the kind of message that reassures both businesses and customers. Yet for hundreds of users of the Baly application, it has recently become the beginning of a frustrating ordeal. Complaints flooding social media are no longer isolated incidents or speculation—they reflect a recurring experience for consumers who chose to trust digital financial services instead of cash.
In a notable news briefing published by the Iraqi News Agency (INA) on 16 July 2026, Iraqi Prime Minister Ali Al-Zaidi reaffirmed the government's commitment to pursuing its "bold" economic reform program and improving the country's investment environment. The statement has sparked renewed debate among economic experts and the public over whether these reforms will extend to Iraq's rapidly expanding financial technology (Fintech) sector.
While the Iraqi government and the Central Bank of Iraq continue to promote the widespread adoption of Point-of-Sale (POS) systems and require businesses to install electronic payment terminals, the reality in Baghdad's markets—from Al-Shorja to Karrada—tells a different story.
An ordinary phone call. A confident voice on the other end claims to be from the customer support team of your digital wallet provider. The caller warns that your account must be verified or updated to avoid suspension. Then comes the critical request: "Please tell me the verification code you just received by text message." Within seconds of sharing the One-Time Password (OTP), your account balance is gone.
In a move widely described as a "sharp policy shift," the Central Bank of Iraq (CBI) issued an unexpected directive on 13 July 2026, authorizing licensed banks to disburse customers’ U.S. dollar deposits and incoming remittances in cash and directly to account holders.
The First Iraqi Bank (FIB) has successfully attracted thousands of young Iraqis to digital banking with its bold promise of "Open an Account in 5 Minutes." However, recurring user experiences and complaints about delays in identity verification have reignited a longstanding debate in the financial technology (FinTech) industry: Has marketing outpaced the capabilities of the underlying technology?
As Iraqis continue to hope for greater stability in the foreign exchange market, a new phenomenon emerged in July 2026, sparking widespread public debate and frustration. The issue centers on the growing gap between the "app dollar" and the "market dollar,"
At a time when the government promised citizens a modern digital experience that would eliminate long queues and reduce corruption, Iraqis woke up in July 2026 to a harsh reality. The very system designed to simplify their lives has, for many, become a digital nightmare, issuing electricity bills worth millions of Iraqi dinars that bear little or no resemblance to actual consumption.
Governmental and financial circles in Baghdad have marked the completion of the first year since the full implementation of the nationwide ban on cash transactions across all government institutions and public entities, which officially came into effect in July 2025.
When electronic payments are discussed in Iraq, the conversation usually focuses on convenience, reducing the use of cash, or improving financial inclusion These are all important goals, but they are not the only impact—and perhaps not even the most significant one
On a summer day several years ago, I was standing outside a government bank branch in Baghdad It was still early in the morning, yet the queue had already started forming before dawn
Iraq’s electronic payment sector has experienced rapid growth in recent years, with electronic wallets and payment cards becoming part of daily life for millions of Iraqis Despite this expansion, however, the issue of trust remains highly relevant
FastPay, the digital payment service, has announced a new promotional campaign that will run for one month, offering discounts of up to 20% on personal user activations. The initiative aims to encourage the adoption of digital payment services and expand the company's user base in the Iraqi market.
The Central Bank of Iraq (CBI) has announced the adoption of a joint action plan with the Financial Action Task Force (FATF) aimed at strengthening the country's framework for combating money laundering, terrorist financing, and proliferation financing
The Financial Action Task Force (FATF) has placed Iraq on its so-called grey list, identifying the country as subject to increased monitoring regarding anti-money laundering (AML) and counter-terrorist financing (CFT) efforts
Imagine someone needs a loan to buy a car, finance a small business, or deal with an unexpected emergency Today, the process typically begins with collecting documents, proving income, submitting an application, and then waiting for a decision In some cases, applicants may wait days or even weeks before learning whether their request has been approved
Iraq continues to witness steady growth in the use of electronic wallets and digital financial services, alongside government and banking initiatives aimed at promoting financial inclusion and reducing reliance on cash for everyday transactions.