A demonstration in front of Al-Taif Bank in Karrada after it was placed under receivership.
A demonstration in front of Al-Taif Bank in Karrada after it was placed under receivership.
9-6-2026
Dozens of depositors demonstrated on Sunday in front of Al-Taif Islamic Bank in the Karrada district of central Baghdad, protesting the suspension of banking services and the freezing of withdrawal and deposit operations, following recent measures taken by the Central Bank of Iraq against the bank. The protesters demanded an end to the restrictions imposed on their accounts and permission to withdraw their financial deposits, stressing that their demands are limited to receiving their withheld funds and avoiding keeping them suspended.
The Central Bank of Iraq had decided to place Al-Taif Islamic Bank for Investment and Finance under guardianship for a period of 18 months, due to violations that affected its financial position and the funds of its clients.
In contrast, the Central Bank clarified that the guardianship decision does not mean the bank’s bankruptcy, but rather comes as a precautionary supervisory step to restructure it and protect the rights of customers, stressing that depositors’ funds are protected and safeguarded under the applicable laws and regulations.
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