Iraq Central Bank places Zain Iraq Islamic Bank under guardianship
2024-08-05 15:20:05 - From: Shafaq News
Shafaq News/ The Central Bank of Iraq has announced the imposition of guardianship over Zain Iraq Islamic Bank.
According to the document obtained by Shafaq News Agency, the decision stems from “improper practices and unsatisfactory performance by the bank's management, which jeopardizes the independence and integrity of the Iraqi banking system.”
The document explained that the Central Bank's Board of Directors issued decision No. 165 for the year 2024, based on the provisions of Article 59 of the Iraqi Banking Law No. 94 of 2004.
Jalal Abdullah Salman has been appointed as the guardian of the bank under the provisions of Article 60 of the same law and is granted the powers specified by this decision.
