On Thursday, December 9th, 2021, the Department of Business Administration, Cihan University-Erbil organized a scientific trip for third-year students under the supervision of Assistant Lecturer Bushra Ali Zainal and the Assistant Lecturer Laila Bahjat Shareef to the Regional Trade Bank (RT) on Golan Street.
At the beginning of the visit, the Managing Director, Mr. Ghazi Mamandi, accompanied by Mr. Redar Rwar, illustrated the bank’s departments, including the Finance Trade as one of the most important banking services to send and accept the internal and external remittances. They also explained the essential role of the customer service department, the Compliance and Risk Department, which is responsible for monitoring the bank’s activities and its compliance with the laws of the Central Bank of Iraq. Furthermore, the Anti-Money Laundering Department to check the sources of the customer’ funds, the legal department, which organizes all the legal procedures, and finally the Automatic Teller Machine department which is responsible for distributing and maintaining the distributed machines in different geographical areas were illustrated for students.
RT Bank is licensed to offer a variety of commercial and investment services both to companies and individuals, such as Current and Savings Accounts, Online Banking, Trade Finance (L/G & L/C), Project Financing for SMEs, Salary Domiciliation Services for Companies, and International Transactions via SWIFT to effect outward and inward payments globally in different currencies, including EUR and USD, through their Correspondent Banks. For domestic transactions, the bank uses the RTGS system.
The visit ended by answering many of the students’ questions about the bank and its relationship with the Central Bank in Baghdad and the services that distinguish this bank from other banks. Moreover, the difference between Islamic banks and other kinds of banks was clarified. The students were also informed regarding the bank’s management procedures, the changing requirements of the customers and gaining the entrepreneurship qualities.