The Central Bank of Iraq (CBI) and the Iraqi Private Banks League have issued formal assurances to depositors at Taif Islamic Bank, confirming that all funds remain protected under existing banking regulations. The statement follows the CBI's intervention to place the institution under official receivership for an 18-month period, appointing Imad Muhammad Hamad to oversee operations following serious regulatory breaches.
Wadih Al-Handhal, Chairman of the League, outlined the financial mechanisms in place to satisfy client claims, pointing to the 18% statutory reserve held at the Central Bank and the option to liquidate bank assets if necessary. Additionally, the Deposit Guarantee Corporation fully covers balances under 25 million IQD, while higher amounts will be processed according to established guarantee thresholds.
Al-Handhal emphasized the necessity of protecting the credibility of Iraq's financial infrastructure, asking media organizations to report on the matter with balanced caution to prevent unnecessary panic and support overall market stability.
