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

rafidainscope - 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, based on regulatory reports confirming significant violations that directly impacted the bank's financial stability and depositors' rights. According to documents from the Banking Supervision Department, the decision aligns with the Central Bank's Board of Directors directives and the provisions of the amended Banking Law. The resolution, endorsed by Acting Governor Nezar Nasser Hussein, includes the appointment of a specialized financial expert as the official guardian of the bank for an eighteen-month period, aiming to correct the financial course, protect depositors' funds, and ensure compliance with established banking standards.