The management of Al-Tayf Islamic Bank, represented by the Guardianship Committee, confirmed today, Saturday, that the ratios for distributing depositor amounts based on the available account balances will be approved soon to achieve the principle of fairness in distribution.
The management stated in a statement received by "Video News Agency", that "the bank's branches in all governorates will also be supplied with the approved ratios in the branches, in addition to the activation procedures for cards to withdraw via ATMs will be resolved soon, and that the Shariah Board's decision regarding fixed deposits and the deposit of the son of Iraq and the son of the two rivers will be issued this week."
It pointed out that "the Guardianship Committee has been active in collecting debts through negotiation and taking legal actions since it took over the management of the bank."
The management clarified that the measures taken will gradually contribute to resolving the crisis the bank is facing," expressing its readiness to receive and meet with representatives of the coordination committees for all governorates every Sunday.
The Central Bank of Iraq had decided to impose guardianship on Al-Tayf Islamic Bank for Investment and Financing for 18 months, due to violations it said affected the bank’s financial position and the funds of depositors.
The central bank confirmed that the imposition of guardianship does not mean the bankruptcy of the bank, but comes within precautionary regulatory measures aimed at protecting depositors' rights, indicating that depositors' funds are protected under applicable laws and regulations.
Following that, a number of depositors demonstrated in front of Al-Tayf Islamic Bank in the Karada area of Baghdad, protesting the freezing of banking services and the suspension of withdrawal and deposit operations, after the measures taken by the Central Bank of Iraq against the bank.
The demonstrators demanded an end to the restrictions imposed on banking services and to be allowed access to their funds and to withdraw their deposits, emphasizing that their demands focus on receiving their money and not leaving it suspended.
