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We report electrical and magnetic measurements of an optimally doped Eu(Fe0.88Ir0.12)2As2 crystal which shows superconductivity at Tsc = 22 K and magnetic ordering of the Eu2+ spins below 20 K. The results suggest that the Eu2+ spins lie flat ferromagnetically in the ab plane at Tabm = 20 K, and then tilt toward the c-axis at Ttiltm = 17.4 K. The isothermal magnetization loop at low temperatures shows both ferromagnetic behavior and superconducting characteristics, unambiguously demonstrating the coexistence of ferromagnetism and superconductivity. The upper critical field measured is remarkably reduced, as compared to other Fe-based superconductors with the same Tsc, and it exhibits abnormal temperature dependence featured by the existence of an inflection point around Tabm, where the anisotropy ratio γ (≡ H∥abc2/H∥cc2) shows a minimum value smaller than 1.0. These observations can be explained by a ferromagnetic exchange field of ∼30 T which tilts its direction toward the c-axis below Ttiltm. The strong internal field, much higher than the intrinsic lower critical field expected, leads to the absence of Meissner state, which is confirmed by the magnetic measurements under ultra-low fields. [ABSTRACT FROM AUTHOR]