The Central Bank sends a message to depositors of Al-Taif Bank: Withdrawals will be gradual and organized.

2026-09-08 Shafaq News – Baghdad On Tuesday, the Central Bank of Iraq reassured depositors of Al-Taif Islamic Bank that their financial rights are protected, stressing that imposing guardianship on the bank comes within supervisory and preventive measures aimed at protecting depositors' funds. The Central Bank stated in a statement received by Shafaq News Agency that 'the rights of depositors of Al-Taif Islamic Bank are preserved,' explaining that 'imposing guardianship on the bank is a preventive supervisory measure aimed at protecting depositors' funds and preserving their rights, and ensuring the stability and continuity of banking operations in accordance with applicable regulations and instructions.' He added that 'the bank is working in coordination with the appointed trustee to take the necessary measures to enhance its liquidity and regulate withdrawal operations and fulfill its financial obligations in a gradual and organized manner, in a way that ensures these operations are managed in accordance with the approved supervisory priorities.' He pointed out that the procedures will prioritize the salaries of employees whose accounts are held at the bank, within a plan to regulate withdrawal operations and fulfill financial obligations, stressing that the measures taken come within the framework of his supervisory responsibility aimed at protecting the rights of depositors and enhancing confidence in the banking sector. It is worth noting that Al-Taif Islamic Bank announced last Sunday that it would soon hand over the funds of its depositors, after the Central Bank of Iraq began taking over its administration. A number of depositors demonstrated in front of Al-Taif Islamic Bank in the Karrada district of Baghdad on Sunday to protest 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. 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 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