The Central Bank of the UAE (CBUAE) has suspended the onboarding of new customers to the Islamic Window of a bank operating in the UAE for a period of six months and imposed a financial penalty of AED 3,502,214.

This action was taken in accordance with Article 137 of Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, as amended.

The sanctions follow a Sharia supervision inspection by the CBUAE, which identified the bank’s failure to comply with the relevant instructions governing Sharia governance of its Islamic Window, as well as the provisions of the aforementioned law.

In exercising its supervisory and regulatory functions, the CBUAE remains committed to ensuring that all banks and their employees comply with UAE laws, regulations, and the standards set by the Central Bank, in order to uphold the transparency and integrity of the banking sector and safeguard the UAE’s financial system.

Featured image credit: CBUAE