Our knowledge, experience, and expertise are now available on the go.
My Tamimi App, a convenient new tool for anyone with an interest in the legal sector, from law students to General Counsel.Find out more
Such a system operates under certain rules and laws that aim to guarantee the confidentiality of secure and protected procurement procedures which ensure the delivery of the service. This system has achieved great success in many countries and is considered a globally applicable system.
In Iraq, and despite the development which has occurred in the accredited mechanism of the payment of money globally, the banks and companies specialised in this field are not up to the level of payment processing. The only bank which issues internationally accredited electronic payment cards is the Trade Bank of Iraq. Further, another example of e-payment in Iraq is a prepaid credit card private company which is licensed by the Central Bank of Iraq and associated with the Iraqis’ Al Rafidain and Al Rasheed banks (public sector banks) to provide Iraqi employees with their pensions. Taking into consideration the aspiration of the Iraqi market to adopt electronic payments, in both the public and the private sector, and for the importance of keeping up with developments in this field, the Council of Ministers issued Regulation No. (3) of 2014 (“Regulation”), based on the provisions of subsection (iii) of Article (80) of the Constitution and Article 27 of the Electronic Signature and Electronic Transaction Law, in order to clarify the steps for setting up companies specialised in electronic payment processing. Thus, it is important to take into account the following:
Expanding Knowledge on the Activities of the Electronic Payment Company
Pursuant to the Regulation, the activities which an e-payment company can conduct in Iraq, are specified as follows:
To obtain an electronic payment licence for conducting electronic payment services, it is important to note the following:
The Submission of the Request to Obtain the Licence
To obtain a licence from the CBI to conduct such activities, the following are required:
Suspension of the licence
Suspension of such an electronic payment provider’s licence may occur in the following circumstances:
The development of this Regulation strongly indicates that Iraq is a promising market for electronic payment systems. The Iraqi market is in need of such services which can be used by governmental departments and private companies, for the payment of salaries for example, as well as in malls and trading shops for the processing of consumer payments.
Disclaimer: This chat service should not be relied upon as a substitute for professional advice which takes account of your specific circumstances and any changes in the law and practice. No warranty is made as to the accuracy or completeness of the information provided via this service and no liability is accepted by Al Tamimi & Company Limited, its affiliates, partners or employees for any loss arising as a result of reliance upon the information provided.
Kindly accept the disclaimer to proceed to a live chat.
Thank you for your inquiry. We will connect you to one of our agents now.
Thank you for your interest in working with Al Tamimi & Company. Please click here to view our latest job openings.