Iraq’s Warka Bank enters Djibouti Market

by lexie Sun Jan 08, 2012 3:07 pm

1/8/2012

Iraq’s Warka Bank enters Djibouti Market

President Ismail Omar Guelleh recently inaugurated the first subsidiary of Iraq-based Warka Bank for Investment and Finance (BWAI) in Djibouti to offer full range of banking services. The ceremony was attended by the Prime Minister Dileita Mohamed Dileita, Mr. Hichem Ben Turkia, who is Warka Bank representative, several members of government, as well as ambassadors and representatives of diplomatic corps accredited to Djibouti and representatives of international organizations.

Established in 1999 in the Iraqi capital, Warka Bank for Investment and Finance now has branches in Jordan and Lebanon and is one of Iraq’s biggest private banks. The entry of BWAI has risen the number of private banks operating in the country to a dozen. It plans to offer facilities such as transferring remittances, credit cards, personal loans, long-term finance, trade finance, structured finance and investment.

The Chief of Djibouti’s central bank, Mr. Jama Mohamoud Haid, who was also present for the occasion said this event highlighted Djibouti’s rapidly growing economy. “This second ribbon cutting ceremony of a banking institution in the space of two weeks demonstrates the vitality of the sector particularly financial and our economy in general,” he said.

He further stressed that the bank will place Djibouti in a more favorable economic position in the region and help strengthen trade relations with the Arab world. He said the central bank was providing the right environment for private banks to thrive.

“I can assure you Mr. President, the local banks tell me that their goal is also to play an important economic contribution to the creation of national wealth. And therefore , to improve the lives of our citizens the central bank of Djibouti is committed to motivate and support them in this will,” he said.

He urged international investors to take advantage of Djibouti’s position as a stable and leading regional financial, trade and transport hub. Appealing to foreign investors, he said, “a strong and stable currency, political stability, Geo-strategic position open to the outside world, a telecommunications system performance, and finally the existence of a port structure in the potential.”

“We hope that the arrival of Warka Bank in the financial Djibouti will contribute to further transform the banking landscape, making it more competitive by introducing a wider range of financial products and services, while respecting international law and regulations of the Central Bank of Djibouti which has continued to support us and advice, “he said finally.

Duty to its stability in a region ravaged by wars and droughts, Djibouti has attracted a number of banking institutions in the last few years. Mr Haid says Djibouti will soon become a financial hub in the region and will establish its first stock exchange.

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