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About Taif Islamic Bank

About us
Altaif Islamic Bank’s newly created brand identity revolves around qualities the bank prides itself on, one that which has allowed TIB to offer high quality customer service to millions of its customers. Our new identity has been met with resounding success, as customers join with what is now one of the largest banks in the region. Efficiency, satisfaction, and security are the three core tenets that TIB has built upon, making it a fulfilling experience to use our services in any capacity, whether domestically or internationally. We will continue our pursuit to enhance our relationship with our shareholders, customers and correspondents, developing and advancing our systems and methods of work, and offering more services and products that meet the needs of our customers.
Who We Are
Altaif Islamic Bank’s establishment was built on the idea that economies are bolstered only when the people themselves are inspired. Innovation, cooperation, and good-will are all essential qualities for growing economies, and TIB aspires to support these qualities with our entrepreneur-friendly financial services that customers can intuitively and transparently access and manage. Our services were made with your desires in mind, attending to your vision of setting up your own café, creating a unique clothing brand, or simply owning a saving account to save up for your dream vacation. Before our ambitious pursuit for absolute customer satisfaction, Altaif was first established as a limited liability company, with a nominal capital of USD$85,000 (incorporation certificate no. Msh 2392, 2006/1/8). As a growing company, Altaif was later registered as a private joint stock company with capital of USD$420,000 (department letter no. 10461, 2006/7/19), engaging in money transfers after obtaining a license issued by the Central bank of Iraq (letter no. 2637/3/9, 2007/9/19). As Altaif grew and expanded its services, we had the fortune of being a favorable company for investors, both Iraqi and international. Eventually, Altaif was granted bank status by the Registration of Companies Department (5487) on 2018/2/19, with capital of USD$85,000,000. From there, we tirelessly worked to develop a young bank to fit the services of all our clients.
Our journey
The journey to the establishment of Al Taif Islamic Bank was not an easy one. We experienced our highs and lows, but ultimately, our team’s passion and commitment to the creation of superlative financial services is what allowed us to succeed in areas where others could not. Unlike the generations-old financial establishment, Al Taif was born in just over the past 10 years, giving a breadth of fresh air that provides our clients with modernized and tailored transactions. This is one of the most valued principles that I continue to hold, and that our company will always incorporate.
Chairman's Message
Flexibility in service offerings is critical not only to sustain a business as it ventures a new era, but also to ensure maximal customer satisfaction. This is why I believe Al Taif Islamic Bank will generate a new era of banking services in Iraq, as its unconventional, yet advanced practices have yet to be adopted by the older, slow-moving banks. I think the assembly of ideas that hastaken place in the formation of TIB will open new doors for Iraqis, regardless of their financial backgrounds. Our ideas are not only meant to benefit our clients, but also investors (whether domestic or international). We built our company on the premise that investor confidence is of high importance, and that financial integrity, coupled with a diversified and experienced corporate management, will create a flourishing company environment that will promote consistent growth. My team and I are steadfast in seeking fulfillment among investors and clients alike, and we will continue to improve on our leadership structure, product designs, and customer experience to your greatest benefit.
Thank you,
FARHAN ALMUSAWI.
Chairman
Altaif Islamic Bank




The beginning and now

  1. who we are
    Al Taif Islamic Bank was established as a limited liability financial company with a nominal capital of (85,000 USD) as per the incorporation certificate no. Msh 2392 dated 2006/1/8, issued by the of companies registration department in accordance with the provisions of Article no. 21 of the Companies Law No. 1997 /21 amended. Turned to a private joint stock company with a capital of (420,000 USD) upon the above department’s letter’s no. 10461 dated 2006/7/19
  2. Another step for achievement
    Engaged in financial transfer after obtaining a license of practicing the job that issued by the Central Bank of Iraq /General Directorate for Banking Supervision and Credit letter No. 2637/3/9 on 2007/9/19
  3. A period of great growth
    2012 was a revolutionary year for Al Taif, as we saw a major increase in the use of our remittance services and a massive expansion in our business model. Al Taif grew to be one of the largest money transfer companies in the Middle East, and our service in the market was unparalleled.
  4. Company Value
    The year 2017 witnessed the finalisation of Altaif Islamic Bank integration, the successful migration to the new core banking platform and the launching of the Bank’s new brand identity, reinforcing our leadership position in the local and regional banking and finance industry
  5. Al-Taif as an Islamic bank
    Turned to AL Taif Islamic Bank of investment and finance (private contribution) under the letter of the Department of Registration of companies issued on 2018 / 2/19 in the number 5487 with a capital of (85,000,000 USD).


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