The resolution of establishing the company was from a standpoint of deep faith that the serious ideas in the field of development must be depended on deep experiences to be succeeded, and complete faith that the economies of countries are built only with the minds and arms of their people, strong will and actual scientific management based on a large expertise, multiple relationships and good reputation.
The company was established as a limited liability financial company with a nominal capital of (100,000,000 I.D.) as per the incorporation certificate no. Msh 2392 dated 8/1/2006, issued by the of companies registration department in accordance with the provisions of Article no. 21 of the Companies Law No. 21/ 1997 amended, and then turned to a private joint stock company with a capital of (500000000 I.D.) five hundred million I.D. upon the above department’s letter ‘s no. 10461 dated 19/7/2006, and engaged in financial transfer after obtaining a license of practicing the job that issued by the Central Bank of Iraq /General directorate for Banking Supervision and Credit letter No. 9/3/2637 on 19/9/2007.
Pursuant to the above, the company was authorized to practice of financial transfer services inside and abroad Iraq and exchange services for foreign currency as per the terms determined by the Central Bank of Iraq and in line with the stipulated provisions of the valid laws that regulate the business of this sector.
Management of the Company
The company is managed by a board of directors elected by the General Body, consisting of nine members; five original members and four reservist members, chaired by the chairman of the board and founder of the company Mr. Farhan Saddam Rahma Al-Moussawi who owns more than 90% of its capital.
Activities of the Company /b>
1. Transferring money inside Iraq and abroad via network of branches and agencies.
2. Transfer and fund’s management electronically through the issuance of prepaid electronic payment cards under license from accredited international schema in this field.
3. Selling and buying foreign currencies and traveler’s cheques.
Capital of the Company
As a result of the strategic change in the economic situation of the country through the developing of the financial movement, the entry of investors and the openness of Iraq on the outside world. The shareholders have convinced the necessity of increasing the capital of the company to be (45) billion dinars as per stages of eight years in accordance with the companies registration department’s letter no.3883 -Completion of procedures dated 11/2/2015.