Shafaq News- Baghdad

Depositors protested outside Al-Taif Islamic Bank in Baghdad on Sunday, demanding access to their money after the bank suspended withdrawals following measures imposed by the Central Bank of Iraq.

Fatima Hameed told Shafaq News she had 220 million dinars ($168,000) deposited at the bank and wanted to know when she could withdraw it. Another protester called on the CBI to set a date for withdrawing their money or issue a formal guarantee protecting it.

The CBI placed Al-Taif Islamic Bank for Investment and Finance under guardianship on September 2 over serious violations it said affected the bank’s financial position and depositors’ funds. Acting Governor Nizar Nasser Hussein appointed Imad Mohammed Hamad as guardian for 18 months.

On September 5, the CBI said guardianship does not mean bankruptcy and is a precautionary legal measure to safeguard the bank, stabilize its operations, and protect depositors’ rights.

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