Dijlah Point - Al-Taif Islamic Bank announced new conditions regarding the breaking of financial deposits amid an ongoing liquidity crisis. In an official statement, the bank clarified that the Sharia Advisory Board recommended granting customers full profits for the previous year and half of the current year's profits, while entirely canceling profit entitlements for the upcoming year. The bank added that deposit contracts would be restructured into settlement contracts with new terms and yield rates. It emphasized that if a customer wishes to break a deposit prematurely, all previously received profits will be deducted. This decision comes amidst a severe liquidity shortage that has sparked protests by depositors demanding their funds.
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Editor at Dijlah Point News, writing about Eco.