Shafaq News- Baghdad

The Central Bank of Iraq (CBI) on Tuesday said Al-Taif Islamic Bank withdrawals and financial obligations will be handled gradually under guardianship, with salary payments given priority and depositors’ rights remaining protected.

The CBI is working with the bank’s appointed guardian to strengthen liquidity and manage payments according to regulatory priorities.

Al-Taif was placed under CBI guardianship on September 2 for 18 months over “serious violations” that the Central Bank said affected its financial position and depositors’ funds. Acting CBI Governor Nizar Nasser Hussein appointed Imad Mohammed Hamad as guardian, while the regulator stressed that the measure does not mean the bank is bankrupt but is intended to protect depositors and stabilize operations.

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Depositors protested outside the bank in Baghdad on September 6 over suspended withdrawals and frozen banking services. Later that day, Al-Taif announced that the guardianship committee had formally taken over and was preparing procedures to settle customers’ financial claims.