UAE Central Bank suspends Yas Takaful licence

The Central Bank of the UAE (CBUAE) has moved to suspend Yas Takaful PJSC’s licence, effectively barring the insurer from taking on new business.

The decision, issued under Article 33(2)(k) of Federal Decree Law No. 48 of 2023, follows what regulators described as failures to comply with the rules that govern the country’s insurance sector. While the company is blocked from fresh operations, it remains liable for all obligations linked to contracts already signed.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurers, their owners and staff abide by the UAE laws, and regulations and standards adopted by the CBUAE to safeguard the integrity of the insurance sector and the UAE financial system.

The Central Bank of the UAE has imposed more than Dh370.3 million ($101 million) in fines since the start of 2025 against banks, money exchange houses, insurers, and a finance company, in one of its most extensive enforcement campaigns in years, according to a review of official statements issued by the regulator.

Since January, the regulator has announced penalties against at least 13 money exchange firms, seven insurance and brokerage companies, 10 banks, including three foreign lenders, and one finance company.