Central Bank of Iraq Places Al-Taif Islamic Bank Under Guardianship Following Financial Violations

mesoiraq - The Central Bank of Iraq issued an official decision on Wednesday, September 2, 2026, to place "Al-Taif Islamic Bank for Investment and Finance" under guardianship. This action comes after confirming that the bank committed severe violations that negatively impacted its financial position and threatened depositors' funds. According to official documents issued by the Banking Supervision Department, the decision was based on the Central Bank's Board of Directors Resolution No. (130) of 2026, in implementation of the provisions of Article (59) of the amended Iraqi Banking Law No. (94) of 2004. The decision, ratified by the Acting Governor of the Central Bank, includes the appointment of Mr. Emad Mohammed Hamad as the legal guardian of the bank for a period of eighteen months to ensure the correction of its financial course and the protection of clients' rights.