Latest news with #CentralBankandOrganisationofFinancialInstitutionsandActivities
Gulf Today
2 days ago
- Business
- Gulf Today
CBUAE suspends onboarding of new customers in Islamic Window of bank for six months, imposes financial sanction
The Central Bank of the UAE (CBUAE) 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 Dhs 3,502,214, pursuant 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 CBUAE'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, endeavors to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the banking sector and safeguard the UAE financial system. WAM
Gulf Insider
2 days ago
- Business
- 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
Fintech News ME
2 days ago
- Business
- Fintech News ME
UAE Central Bank Suspends Bank's Islamic Window Onboarding, Imposes AED 3.5M Fine
The Central Bank of the UAE (CBUAE) has suspended the onboarding of new customers to the Islamic Window of a bank operating in the UAE for a period of six months and imposed a financial penalty of AED 3,502,214. This action was taken in accordance with Article 137 of Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, as amended. The sanctions follow a Sharia supervision inspection by the CBUAE, which identified the bank's failure to comply with the relevant instructions governing Sharia governance of its Islamic Window, as well as the provisions of the aforementioned law. In exercising its supervisory and regulatory functions, the CBUAE remains committed to ensuring that all banks and their employees comply with UAE laws, regulations, and the standards set by the Central Bank, in order to uphold the transparency and integrity of the banking sector and safeguard the UAE's financial system.
Gulf Today
3 days ago
- Business
- Gulf Today
UAE Central Bank fines bank's Islamic Window Dhs 3.5 million for regulatory violations
The Central Bank of the UAE (CBUAE) 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 3,502,214, pursuant 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 CBUAE'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, endeavors to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the banking sector and safeguard the UAE financial system.
Al Etihad
3 days ago
- Business
- Al Etihad
Central Bank of UAE suspends onboarding of new customers in Islamic Window of bank for six months, imposes financial sanction
25 June 2025 17:07 ABU DHABI (WAM)The Central Bank of the UAE (CBUAE) 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 Dh 3,502,214, pursuant 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 sanctions result from the CBUAE'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, endeavors to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the banking sector and safeguard the UAE financial system.
