Central Bank suspends new Islamic banking customers at UAE bank, imposes Dh3.5 million fine
CBUAE action follows Sharia governance violations found during inspections
Abu Dhabi: The Central Bank of the UAE (CBUAE) ordered a six-month suspension on new customer onboarding through the Islamic Window of a bank operating in the country. The regulator has also imposed a financial penalty of Dh3.5 million on the bank.
The action was taken following Sharia supervision examinations which found the bank had failed to comply with Sharia governance rules and provisions outlined under Decretal Federal Law No. (14) of 2018, and its amendments.
The CBUAE said the penalty is issued under Article 137 of the law, which governs the oversight of financial institutions in the UAE.
As part of its regulatory mandate, the Central Bank reiterated its commitment to ensuring all licensed banks adhere to UAE laws and standards, particularly those related to transparency, integrity, and financial system stability.
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