Al-Taif Islamic Bank put into Receivership

By John Lee.

Al-Taif Islamic Bank for Investment and Finance has been placed in receivership following the discovery of serious violations that affected its financial position and depositors' funds.

The Central Bank of Iraq (CBI) announced the measure today (Thursday, 3rd September), citing Article 59 of the Banking Law No. 94 of 2004 (as amended).

Imad Muhammad Hamad has been appointed custodian of the bank for a period of 18 months, under CBI Board of Directors Resolution No. 130 of 2026.

(Source: Central Bank of Iraq)

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