New assurances from Al-Taif Bank: Depositors’ funds will be disbursed “soon”.
New assurances from Al-Taif Bank: Depositors’ funds will be disbursed “soon”.
2026-09-19
Shafaq News – Baghdad
The management of Al-Taif Islamic Bank, represented by the Trustees Committee, confirmed on Saturday that the ratios will be adopted in the near future to distribute depositors’ funds according to the balances available in the accounts in order to achieve the principle of fairness in distribution.
The administration stated in a statement received by Shafaq News Agency: “The bank’s branches in all governorates will also be supplied and the ratios will also be adopted in the branches. In addition, the procedures for activating cards for withdrawal via ATMs will be resolved soon. Also, the decision of the Sharia Authority regarding fixed deposits and the Ibn Iraq and Ibn Al-Rafidain deposits will be issued during this week.”
She pointed out that “since taking over the management of the bank, the trustees committee has been taking action to collect the debts through negotiation as well as taking legal measures.”
The administration explained that the measures taken will gradually contribute to resolving the crisis the bank is going through, expressing its readiness to receive and meet with representatives of the coordination committees of all governorates on Sundays of each week.
The Central Bank of Iraq had decided to place Al-Taif Islamic Bank for Investment and Finance under guardianship for 18 months, due to violations that it said affected the bank’s financial position and depositors’ funds.
The Central Bank stressed that imposing guardianship does not mean the bank’s bankruptcy, but rather comes within the framework of precautionary supervisory measures aimed at protecting the rights of depositors, noting that depositors’ funds are protected under the applicable laws and regulations.
Following this, a number of depositors demonstrated in front of Al-Taif Islamic Bank in the Karrada district of Baghdad, protesting the freezing of banking services and the suspension of withdrawal and deposit operations, following the measures taken by the Central Bank of Iraq against the bank.
Speaking to Shafaq News Agency, the protesters demanded an end to restrictions on banking services and that they be allowed access to their money and the ability to withdraw their deposits, stressing that their demands focused on receiving their money and not leaving it pending.
shafaq.com
