The Central Bank of Iraq said on September 8 that Al-Tayf Islamic Bank depositors’ rights were protected and that placing the bank under guardianship was a precautionary supervisory measure. It said it was coordinating with the appointed guardian to strengthen the bank’s liquidity and manage withdrawals and payment of obligations gradually and in an orderly way.

The central bank said priority would go to employees whose salaries are domiciled at the bank. Its statement did not provide a withdrawal schedule, amount limits or a date by which transactions would be completed. Unlike the bank-wide liquidity ratio in the central bank’s earlier general reassurance, this announcement addresses the administrative handling of Al-Tayf customers’ withdrawals.