CBUAE Suspends New Islamic Banking Customers at UAE Bank
The Central Bank of the UAE has suspended the onboarding of new customers on the Islamic Window of a bank operating in the UAE, for six months and imposed a financial sanction of AED3,502,214 ($953,000).
The move adheres to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.
The sanctions result from the Central Bank's Sharia supervision examinations, which revealed the bank's non-compliance with the instructions related to Sharia' Governance of the Islamic Window and the provisions of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the country's laws, regulations and standards established by the Central Bank to maintain transparency and integrity of the banking sector and safeguard the financial system.
Also read: UAE: Free Driving Licence for Top Students Announced in Sharjah
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
3 days ago
- Gulf Insider
CBUAE Suspends New Islamic Banking Customers at UAE Bank
The Central Bank of the UAE has suspended the onboarding of new customers on the Islamic Window of a bank operating in the UAE, for six months and imposed a financial sanction of AED3,502,214 ($953,000). The move adheres to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The sanctions result from the Central Bank's Sharia supervision examinations, which revealed the bank's non-compliance with the instructions related to Sharia' Governance of the Islamic Window and the provisions of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the country's laws, regulations and standards established by the Central Bank to maintain transparency and integrity of the banking sector and safeguard the financial system. Also read: UAE: Free Driving Licence for Top Students Announced in Sharjah
Daily Tribune
6 days ago
- Daily Tribune
From Bahrain to Africa: Inside Al Baraka's Digital Silk Road
TDT | Manama Bilateral Trade Sessions Expand Reach • New cross-border link formed • MENA-Africa firms connect • Platform boosts SME trade A new trade corridor is taking shape between Africa and the Middle East — digitally powered, Sharia-compliant, and anchored in Bahrain. Al Baraka Group, one of the region's most widespread Islamic banking networks, has launched a platform-driven push to unify its banking units across continents under a common trade finance system. The initiative, described by industry experts as a 'Digital Silk Road', gained momentum recently with two major bilateral sessions hosted by Al Baraka. The first connected exporters and importers in Turkey and Algeria, while the second linked businesses in Egypt and South Africa — signalling the group's intent to bridge Africa and MENA markets through seamless financing. Bridging Regions By pairing clients from its 12 operational markets, Al Baraka's trade programme is not just facilitating business, it is redrawing the commercial landscape. Since the programme's launch, executives have reviewed performance, discussed faster operational workflows, and mapped out new tech upgrades between Islamic economies. Senior trade experts, executive teams, and business owners came together during these sessions to explore new partnerships and routes for expansion. Simultaneously, the group held its second annual Trade Finance Units Meeting in Tunisia, marking the first full year of coordinated efforts. Powering Through Platforms A centrepiece of the initiative is Al Baraka's unified Trade Finance Platform, which has undergone major enhancements to allow for: Faster transaction execution Simplified client onboarding Multi-country coordination The result is a digital-first, bank-integrated solution designed to serve businesses across diverse markets without the friction of conventional banking silos. 'These collective efforts reflect Al Baraka Group's vision of transforming its diverse network into an integrated platform that enables clients to seamlessly access multiple markets,' said Group CEO Houssem Ben Haj Amor. He noted that the group's strength lies in offering 'diversified and flexible financing solutions' to support business competitiveness. 'We offer advanced solutions and an integrated support network that aligns with our clients' ambitions for expansion and growth in new markets,' added Mr Ben Haj Amor. Path to Expansion From Istanbul to Cape Town, Al Baraka's model centres on trade enablement, particularly for small and medium-sized enterprises (SMEs) seeking to break into regional supply chains. The group's latest sessions have been widely welcomed by clients seeking reliable trade partners and faster access to finance. As digital Islamic trade finance accelerates across the Global South, Al Baraka's platform positions Bahrain as a node of influence — linking continents, capital, and clients on a new, ethical trade path.
Daily Tribune
20-06-2025
- Daily Tribune
Al Baraka integrates faith and fintech
TDT | Manama Al Baraka Islamic Bank is demonstrating that Islamic finance can deliver cutting-edge performance, earning global praise for its seamless USD payment processing while staying true to Sharia principles. The Bahrain-based bank has received the Straight-Through-Processing (STP) Award from The Bank of New York Mellon (BNY), a leading global financial services firm. The award recognises institutions with highly automated and accurate cross-border payment systems, validating Al Baraka's ability to blend ethical banking with digital sophistication. Global validation BNY grants the STP Award to financial institutions that meet the highest benchmarks in straight-through-processing of payments, meaning transactions completed without manual intervention. The award was presented by Salman Alhashimi, Head of MEA NBFIs and Deputy Head of the GCC Region at BNY, to Dr. Adel Abdullah Salem, CEO of Al Baraka Islamic Bank, in the presence of Hussain Yousif Atiya, Chief Corporate and Institutional Banking Officer. 'We are proud to receive this recognition from BNY, which reflects our continued focus on operational excellence and innovation in financial services,' said Dr. Salem. 'It is the result of our ongoing investment in digital infrastructure and our commitment to delivering efficient and reliable banking experiences to our clients.' Ethical meets efficient Atiya added, 'This award underscores the competence of our teams and their dedication to providing solutions that meet the highest standards for international banking and executing global payments. We're well poised to expand our offering of digital banking services to corporate and financial institution clients.' Al Baraka's achievement challenges assumptions that Islamic banks may lag in technological adoption due to Sharia governance frameworks. On the contrary, the bank's systems are not only compliant but also competitive, proving that religious values and world-class fintech can coexist.
