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