The Central Bank of Iraq imposes guardianship on Al-Taif Bank due to “serious violations”
The Central Bank of Iraq imposes guardianship on Al-Taif Bank due to “serious violations”
2026-09-02
Shafaq News – Baghdad
On Wednesday, the Central Bank of Iraq decided to appoint a trustee for Al-Taif Islamic Bank, due to the existence of violations whose nature was not disclosed.
According to a letter issued by the bank and received by Shafaq News Agency, it was decided to place Al-Taif Islamic Bank for Investment and Finance under guardianship based on the provisions of Article 59 of the Banking Law No. 94 of 2004 (amended) due to the proven existence of serious violations that affected the bank’s financial position and the depositors’ funds.
According to the letter signed by the acting governor of the bank, Nizar Nasser Hussein, “Emad Mohammed Hamad has been appointed as trustee of the bank for a period of 18 months.”
shafaq.com
