Abu Dhabi: 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. Additionally, it has imposed a financial sanction amounting to AED 3,502,214. These actions are taken pursuant to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, along with its amendments.
According to Emirates News Agency, the sanctions stem from the CBUAE's Sharia supervision examinations, which uncovered the bank's non-compliance with instructions related to Sharia' Governance of the Islamic Window. The examinations also highlighted the bank's failure to adhere to the provisions of the Decretal Federal Law No. (14) of 2018 and its amendments.
The CBUAE is committed to ensuring that all banks and their personnel comply with UAE laws, regulations, and standards. This commitment is part of its supervisory and regulatory mandates aimed at maintaining transparency and integrity within the banking sector and safeguarding the UAE financial system.