Iraqi Private Banks League Chief Reassures Taif Islamic Bank Depositors: Funds Fully Protected

Wadih Al-Handhal, Chairman of the Iraqi Private Banks League, assured depositors of Taif Islamic Bank that their funds remain fully secure. His remarks follow the Central Bank of Iraq's decision to place the bank under guardianship for 1.5 years and appoint Imad Muhammad Hamad as administrator due to severe violations.

Al-Handhal explained that a mandatory 18% legal reserve held at the Central Bank can be utilized to reimburse depositors, supported by the potential liquidation of the bank's assets to settle remaining liabilities. Furthermore, he highlighted that the Deposit Guarantee Corporation provides 100% coverage for accounts up to 25 million IQD, with applicable guarantee tiers for larger balances.

Concluding his statement, Al-Handhal stressed the vital importance of safeguarding the reputation of the Iraqi banking sector, urging media outlets to report on the situation responsibly to maintain public confidence and economic stability.