UAE fines bank Dh3.5m, bans accepting new customers for 6 months over Sharia, AML breaches
A UAE-based bank has been penalised by the Central Bank of the UAE (CBUAE) for failing to comply with Sharia governance requirements. The disciplinary action includes a six-month ban on accepting new customers and a financial penalty of Dh3,502,214.
According to a statement from the CBUAE, the sanctions stem from supervisory examinations that uncovered the bank's non-compliance with the Sharia Governance Framework governing Islamic banking services. These examinations also found violations of other legal provisions applicable to financial institutions in the country.
Legal Basis and Regulatory Context
The penalties were imposed under Article 137 of Decretal Federal Law No. (14) of 2018, which outlines the role of the Central Bank in the regulation and oversight of financial institutions within the UAE.
This law also covers the organisation and supervision of financial activities, including Islamic banking, and allows the CBUAE to take necessary action in cases of misconduct or non-compliance.
The CBUAE has not disclosed the name of the bank involved but made clear that the violations relate specifically to Sharia compliance, a core requirement for institutions offering Islamic financial services in the country.
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Central Bank's Commitment to Integrity and Transparency
In its official statement, the Central Bank reaffirmed its commitment to upholding transparency, integrity, and regulatory compliance in the UAE's financial system. It emphasised that all licensed financial institutions are expected to meet the legal standards, particularly those that apply to Sharia-compliant banking.
'The CBUAE remains committed to ensuring that all licensed financial institutions operating in the UAE adhere to the legal and regulatory standards established to uphold transparency and integrity in the banking sector,' the statement said.
This enforcement action is part of the CBUAE's ongoing efforts to maintain financial stability and public trust in the banking sector. By applying such regulatory measures, the Central Bank aims to preserve the soundness of the country's financial institutions and reinforce the credibility of Islamic banking in the UAE.
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