Altaif Islamic Bank

What Altaif Islamic Bank does

Altaif Islamic Bank (legal name: Al-Taif Islamic Bank for Investment and Finance; Arabic: مصرف الطيف الإسلامي) is a privately held Iraqi Islamic bank founded in 2018 and headquartered in Al-Karrada, Baghdad. It is licensed to operate Sharia-compliant banking under Iraqi Central Bank regulation, offering deposit products (Current, Savings, Investment, Corporation, and children's Al-Shatter accounts), Sharia-compliant contract-based financing (Housing Murabaha, Istisna, Salam, and Parallel Salam), domestic and international money transfers via SWIFT and RTGs, and electronic bill payments for utilities, telecommunications, travel, and insurance. Deposits are insured by the Iraqi Deposit Insurance Company. The bank offers publicly disclosed profit rates — 5.25%–6% in Iraqi Dinar and 2.5%–3% in USD on savings, and 6%–7% in Iraqi Dinar and 4%–5% in USD on 1–3 year investment deposits — distributed quarterly.

The bank distributes its products through 25 physical branches spanning Baghdad, the Kurdistan Region (Erbil, Sulaymaniyah), and southern Iraq (Al-Kut, Al-Hillah, Karbala, Al-Najaf, Al-Diwaniyah, Al-Basra, Al-Nasiriyah, Maysan), complemented by electronic branches and the TIB Online mobile application available on Google Play and the Apple App Store. Its technology stack centers on a Sharia-compliant digital banking platform with online appointment booking, currency rate comparison, and self-service account opening. It maintains a core card-issuance partnership with Visa and lists Alfardan, Ansari, SAIC, and Misr Bank as allied partners on its website. An Investor Relations portal discloses 255,093,450,000 shares at a stated nominal market value of 1 Iraqi Dinar per share, though the bank is not publicly listed on an exchange.

Revenue mechanics draw from subscription-style deposit margin (savings and investment account profit spreads between customer payouts and asset-side deployment), transaction fees on money transfers and electronic bill payments, and contract-based financing margins on Murabaha, Istisna, and Salam agreements. Customer segments span individual retail customers (primary), registered Iraqi corporate accounts (primary), long-term investment depositors, and real estate buyers. Headcount is reported in the 501–1,000 employee range. No funding rounds, acquisitions, leadership changes, regulatory actions, or publicly disclosed revenue figures are recorded in the source data.

Name

Altaif Islamic Bank

Legal name

Al-Taif Islamic Bank for Investment and Finance

Website

https://taifib.iq

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

251–500 employees

Short description

Altaif Islamic Bank is a privately held Iraq-based Islamic bank founded in 2018, operating 25 branches nationwide. It offers Sharia-compliant deposit accounts, Murabaha real estate financing, Istisna and Salam contracts, money transfers, and electronic bill payments to retail and corporate Iraqi customers.

Ownership category

akta.pro rank

Product category

Islamic Retail and Corporate Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Islamic SME & Commercial Banking (FSABAGAB), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

Keywords

• Islamic banking services
• Sharia-compliant financing
• Retail deposit accounts
• Corporate banking solutions
• Remittance services

Headquarters

HQ city

Karrada

HQ country

Iraq

HQ region

Middle East

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Savings Account Interest: The bank offers savings accounts in Iraqi Dinar (5.25%–6% annual rate) and USD (2.5%–3% annual rate), with quarterly profit distributions.
2. Investment Deposit Accounts: Investment deposit accounts with terms of 1–3 years offering returns of 6%–7% in Iraqi Dinar and 4%–5% in USD, with quarterly profit distributions.
3. Housing Murabaha (Real Estate Financing): Sharia-compliant real estate murabaha financing product allowing customers to purchase property through deferred payment arrangements.
4. Salam and Parallel Salam Contracts: Forward commodity sale contracts in accordance with Islamic law, enabling deferred delivery and payment arrangements.
5. Istisna Contract (Manufacturing/Construction Financing): Sharia-compliant contract for manufacturing or construction where the bank finances goods being produced to specific specifications.
6. Money Transfer Services: Domestic and international money transfer services via SWIFT and RTGs systems, generating transaction fees.
7. Electronic Bill Payment Services: Payment processing for utilities (electricity, municipality), telecommunications, and travel bookings, generating processing fees.
8. Corporate Account Services: Business accounts for registered Iraqi companies enabling domestic and international fund transfers via SWIFT and RTGs.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Altaif Islamic Bank is a Sharia-compliant banking institution that sells Islamic deposit accounts (current, savings, investment, children's Al-Shatter, and corporate), real-estate murabaha financing, Istisna and Salam contracts, domestic and international money transfers via SWIFT/RTGs, and electronic bill payment services. Customers access these offerings through 25 physical branches across Iraq and the proprietary TIB Online mobile application. The bank serves individuals and registered Iraqi companies with profit-share-based returns in lieu of conventional interest.

Product overview

Altaif Islamic Bank is an Iraq-based Islamic financial institution founded in 2018 offering Sharia-compliant banking products and services through a network of 25 branches. The bank provides a comprehensive suite of Islamic banking solutions including deposit accounts (Current, Savings, Investment, Corporation, and Children's Al-Shatter accounts), real estate financing (Housing Murabaha), manufacturing contracts (Istisna), forward financing (Salam), money transfers (domestic and international), and electronic bill payment services. The bank operates the TIB Online mobile application for digital banking access, enabling customers to perform remittances, currency rate comparisons, and various transactions. The product portfolio is structured around Sharia-compliant financing and deposit products, supported by physical branch infrastructure and digital banking channels.

Differentiator

Problem solved

Functional benefit

Products and services

• Current Account (الحساب الجاري) A checking account for individual customers providing day-to-day spending and transactional capabilities, with VIP membership benefits including priority service, dedicated staff, free account statement booklets, and printed checks for fund transfers.
• Savings Account (حساب الإدخار) A Sharia-compliant savings account available in Iraqi Dinar (5.25%–6% annual profit rate) and US Dollar (2.5%–3% annual profit rate), with quarterly profit distributions and instant withdrawal capability.
• Investment Account (حساب الاستثمار) A long-term Sharia-compliant investment deposit account with 1–3 year terms, offering annual returns of 6%–7% in Iraqi Dinar and 4%–5% in US Dollar, with quarterly profit distribution.
• Corporation Account (حساب الشركات) A business banking account for registered Iraqi companies enabling domestic and international fund transfers via SWIFT and RTGs systems, with online banking access and VIP services.
• Al-Shatter Account (حساب الشاطر) A children's savings account available in Iraqi Dinar and US Dollar with full confidentiality, a dedicated passbook, and free online access for parents to monitor financial activity.
• Housing Murabaha (المرابحة العقارية) Sharia-compliant real estate financing product that allows customers to acquire property through deferred payment murabaha arrangements compliant with Islamic law.
• Istisna Contract (عقد الاستصناع) An Islamic contract for manufacturing or construction in which the bank finances goods being produced to specific specifications requested by the customer.
• Salam and Parallel Salam Contracts (السلم والسلم الموازي) Sharia-compliant forward commodity sale contracts enabling pre-ordering of goods at a specified price with deferred delivery, including a parallel salam mechanism for parallel transactions.
• Money Transfers (التحويلات المالية) Domestic and international money transfer services accessible through the TIB Online mobile application, desktop, and phone, supporting cash collection, local transfers, and cross-border transfers via SWIFT and RTGs systems.
• Online Bill Payment (الدفع الإلكتروني) Electronic bill payment services covering electricity bills, municipal fees, telecommunications (Zain, Asia), travel reservations, and travel insurance payments through the bank's online platform.
• TIB Online Mobile Application A proprietary mobile banking application for iOS and Android that enables customers to send remittances, book branch appointments, compare currency rates, and access electronic banking services.

Quantifiable outcome

• 25 branches across Iraq serving customers nationally
• +3 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• VisacoreTechnology or IntegrationVisa partnership enables the bank to issue Visa-branded electronic cards to its customers, providing international payment network access for cardholders.
• AlfardanminorOthersAlfardan is listed as a partner on the bank's partnerships page. Nature of the partnership is not detailed on the website.
• SaicminorOthersSAIC (Shanghai Automotive Industry Corporation or similar entity) is listed as a partner on the bank's partnerships page. Nature of the partnership is not detailed.
• AnsariminorOthersAnsari is listed as a partner on the bank's partnerships page. Nature of the partnership is not detailed.
• Misr BankminorOthersMisr Bank (an Egyptian financial institution) is listed as a partner on the bank's partnerships page. Nature of the partnership is not detailed.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Regional players

• Jordan Islamic Bank: Established regional Islamic bank operating in Jordan with full Murabaha/Ijara/Salam portfolio. Comparable in product taxonomy and Sharia-compliant governance model but operating in a different, more mature regulatory environment.

Direct peers

• Iraqi Islamic Bank for Investment & Development: Largest Iraqi Islamic bank offering a similar Sharia-compliant suite of Murabaha, Salam, Istisna, deposit accounts, and money transfers across Iraq. Most directly comparable competitor given shared product taxonomy and identical Iraqi-market regulatory environment.
• Kurdistan International Islamic Bank: Iraqi Islamic bank headquartered in Erbil with a similar retail and corporate Islamic finance product mix. Comparable in serving the same Kurdistan customer base that Altaif targets through its Erbil and Sulaymaniyah branches.
• Al Baraka Bank Iraq: Iraqi subsidiary of the regional Al Baraka Banking Group offering Islamic retail and corporate banking. Comparable in offering full Sharia-compliant products and competing for the same Iraqi Islamic banking customers.
• Ashur International Bank for Investment: Iraqi bank providing Islamic and investment banking services including Murabaha and deposit products. Direct competitor in the Iraqi Islamic retail and SME market with overlapping customer segments.
• Cihan Islamic Bank for Investment and Finance: Iraqi Islamic bank operating in Kurdistan and federal Iraq with overlapping retail and corporate Islamic banking products. Comparable in scale, geographic footprint, and Sharia-compliant financing offerings.

Broad incumbents

• National Bank of Iraq: One of Iraq's largest commercial banks with a wide branch network. Larger and more diversified incumbent competing for both retail and corporate deposits, though conventional rather than purely Islamic.
• Bank of Baghdad: Major Iraqi commercial bank with a comparable branch network and deposit franchise. Broad incumbent in the same retail and corporate banking market where Altaif competes for customer share.
• Gulf Bank Iraq: Iraqi commercial bank offering retail and corporate banking services including trade finance and money transfers. Comparable in regional deposit and remittance competition with broader conventional product set.
• Kuwait Finance House: Major regional Islamic bank and one of the largest Sharia-compliant banks globally. Comparable in Islamic product architecture (Murabaha, Ijara, Istisna) and represents the broader incumbent standard Altaif is building toward.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Altaifbank
• LinkedInlinkedin.com/company/al-taif-islamic-bank

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Altaif Islamic Bank