Iraqi Central Bank Imposes Guardianship on Al-Taif Islamic for 18 Months

Iraq's Central Bank announced Wednesday the imposition of guardianship over Al-Taif Islamic Bank for Investment and Finance. This official measure, stemming from Board Resolution (130) for 2026, is based on Article (59) of Banking Law No. (94) of 2004 (amended). The decision was prompted by documented serious violations that significantly impacted the bank's financial stability and depositors' assets. It also mandates the appointment of Imad Mohammed Hamad as the bank's guardian for an 18-month period.