Al-Taif Bank prepares depositor payouts

Shafaq News- Baghdad

Al-Taif Islamic Bank will soon distribute depositors' funds based on their account balances, as efforts to restore ATM withdrawals and other banking services continue, the Iraqi bank's trusteeship committee said on Saturday.

All of the bank's branches across Iraq will also receive funds and apply the same distribution rates, according to a committee statement. Procedures to reactivate bank cards for ATM withdrawals are expected to be completed soon. The bank's Sharia committee is also due to issue a ruling this week on fixed-term deposits and the Ibn al-Iraq and Ibn al-Rafidain deposit products.

The Central Bank of Iraq (CBI) previously placed Al-Taif Islamic Bank under trusteeship for 18 months following violations it determined had affected the bank's financial position and depositors' funds. It described the trusteeship as a precautionary supervisory measure, affirming that depositors' funds are protected under applicable laws and regulations.

Earlier this month, depositors protested outside the bank's headquarters in Baghdad's Karrada district over frozen banking services and the suspension of withdrawals and deposits.