Central Bank of Iraq Places Al-Taif Islamic Bank Under Conservatorship
The Central Bank of Iraq (CBI) has decided to place Al-Taif Islamic Bank for Investment and Finance under conservatorship, pursuant to the provisions of Article 59 of the amended Banking Law No. 94 of 2004.
According to the decision, the measure was taken after serious violations were identified that had affected the bank’s financial position and depositors’ funds. The CBI appointed a conservator to oversee the bank for a period of 18 months, with the aim of supervising its operations and taking the necessary measures to address its financial and administrative situation.
Placing the bank under conservatorship is a regulatory and legal measure intended to protect depositors’ funds and ensure the continuity of banking operations. It does not necessarily mean that the bank has been declared bankrupt or that it will cease operations.
The decision comes as part of the Central Bank’s broader efforts to strengthen supervision of banks and improve standards of governance and compliance, particularly at institutions facing financial or administrative problems that could affect customers’ rights and the stability of the banking sector.