Al-Taif Bank: We will distribute depositors’ funds soon.
Al-Taif Bank: We will distribute depositors’ funds soon.
2026-09-06
Shafaq News – Baghdad
Al-Taif Islamic Bank announced on Sunday that it will soon deliver the funds of its depositors, after the Central Bank of Iraq began taking over its administration.
The bank said in a statement received by Shafaq News Agency that “the trusteeship committee appointed by the Central Bank officially took over its administrative duties at Al-Taif Islamic Bank today, and the committee has begun its work while a comprehensive work plan is currently being prepared to organize procedures for customers and complete their rights and funds file.”
He added that “work is ongoing and customers’ money will be delivered soon after the necessary regulatory procedures are completed.”
A number of depositors demonstrated in front of Al-Taif Islamic Bank in the Karrada district of Baghdad on Sunday, protesting the freezing of banking services and the suspension of withdrawal and deposit operations, following 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 focus on receiving their money and not leaving it pending .
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 it said affected the bank’s financial position and depositors’ funds .
The Central Bank confirmed later yesterday that imposing guardianship does not mean the bank is bankrupt, but rather comes within precautionary supervisory measures aimed at protecting the rights of depositors, noting that depositors’ funds are protected under applicable laws and regulations.
shafaq.com
