Latest news with #ShariaCompliance
The National
3 days ago
- Business
- The National
UAE Central Bank suspends bank's Islamic window from onboarding new customers for six months
The UAE Central Bank has suspended the Islamic window of a bank operating in the country from onboarding new customers for six months and also fined it more than Dh3.5 million ($953,632) for non-compliance with Sharia governance rules. The sanctions were imposed following the banking regulator's Sharia supervision examination, which found breaches by the bank, the Central Bank said on Wednesday. The name of the lender was not disclosed. 'The Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards … to maintain transparency and integrity of the banking sector and safeguard the UAE financial system,' it said. The banking regulator has been cracking down heavily on regulatory non-compliance in recent weeks. On Tuesday, it imposed a Dh2 million fine on an exchange house for failing to comply with the country's anti-money laundering and counter-terrorism financing (AML/CFT) policies and procedures. Last month, it also imposed a Dh100 million fine on an exchange house for 'significant failures' in its AML/CFT framework and related regulations. It also fined an exchange house Dh200 million for the same offence in May. A Dh500,000 fine was also imposed on a branch manager, who was banned from working in any licensed financial institutions in the UAE. Earlier this month, the European Commission, the EU's main executive body, removed the UAE from its list of countries that pose a high risk for money laundering, amid growing efforts by the Emirates to boost its regulatory framework. The commission said the list was updated after taking into account the work of the Financial Action Task Force. The updated list will come into force after it receives 'no‑objection' from the European Parliament and the council within one month, which can be extended for another month. The FATF, the global body that combats money laundering and terrorism financing, removed the UAE from its 'grey list' in February last year after significant progress on reforms. The Emirates was placed on the grey list in 2022.
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAE bans bank from accepting new customers for 6 months, fines Dh3.5 million
A bank in the UAE will not be allowed to accept new customers for a period of six months from breaking the Sharia requirements for financial institutes. The Central Bank of the UAE (CBUAE) has taken the regulatory action for non-compliance with Sharia governance requirements and the bank has also been fined Dh3,502,214. According to the CBUAE, the sanctions follow supervisory examinations which revealed the bank's failure to comply with instructions related to the Sharia Governance Framework for Islamic banking services, as well as other relevant provisions of the law. The measures were imposed under Article 137 of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and the Organisation of Financial Institutions and Activities, along with its amendments. The Central Bank emphasised that it 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. Through its ongoing regulatory efforts, the CBUAE seeks to safeguard the stability and soundness of the UAE's financial system and maintain public trust in its banking institutions.
Zawya
4 days ago
- Business
- Zawya
Saudi's Fakeeh Care secures $250mln credit facility from Alinma Bank
Dr. Soliman Abdul Kader Fakeeh Hospital Company (Fakeeh Care) has obtained a Sharia-compliant credit facility worth 938 million Saudi riyals ($250.01 million) from Alinma Bank. The credit facility will be available to all Fakeeh Care group entities and will support their expansion plans, the company said in a statement to the Saudi stock exchange on Tuesday. The facility includes SAR 638 million in long-term financing and SAR 300 million in short-term credit facilities. The facility is backed by a corporate promissory note as collateral. The new credit facility replaces previously existing arrangements valued at SAR 838 million for Fakeeh Care and SAR 570 million for Dr. Soliman Fakeeh Hospital Medical Company (DSFH Riyadh), the statement said. (Editing by Seban Scaria
Zawya
19-06-2025
- Business
- Zawya
Egypt: Erada Finance launches islamic financing services after securing FRA license
Arab Finance: Erada Finance has launched a suite of Islamic financing services following its receipt of a Sharia-compliant financing license from the Financial Regulatory Authority (FRA), as per an emailed press release. This step positions Erada among the first companies to provide such offerings in the Egyptian market. The launch aligns with the company's strategic plan to broaden its financing solutions and support entrepreneurs and business owners through flexible, technology-driven financial services. The goal is to enhance economic empowerment and contribute to job creation through sustainable financing tools. Erada's Islamic financing is currently offered through two main programs: Murabaha and Investment Agency (Wakala Bil Istithmar). These are part of a wider product portfolio aimed at advancing financial inclusion and catering to the diverse needs of customer segments. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
12-06-2025
- Business
- Zawya
NBO Muzn Islamic Banking expands presence with new branch in Al Musannah
Muscat – As part of our ongoing efforts to enhance accessibility and bring Islamic banking services closer to customers, NBO Muzn Islamic Banking has opened a new branch in Al Musannah. This latest expansion reflects Muzn's commitment to offering Shari'a-compliant financial solutions while reinforcing its presence across the Sultanate. Salima Al Marzooqi, Chief Islamic Banking Officer at NBO, commented, 'Opening Islamic banking branch in Al Musannah marks another milestone in our journey to make Islamic banking accessible across the sultanate of Oman. Al Musannah branch provides an outstanding Islamic banking services to the customers by offering tailored financial solutions that align with their values while ensuring convenience and high service standards.' Designed to cater to the diverse financial needs of individuals and businesses, the Al Musannah branch provides a full suite of Islamic banking products and services. From everyday banking solutions to specialised financing and investment opportunities, the branch is equipped to support customers with modern and efficient services in the welcoming environment. As part of its customer-first approach, Muzn is committed to combining physical branch accessibility with seamless digital solutions. The bank continues to enhance its online and mobile banking capabilities, ensuring customers have secure and convenient access to their financial needs, whether in-branch or on-the-go. For more information about Muzn's branches, products, and services, visit or contact the Muzn Call Centre at 24770001.
