UAE Central Bank Suspends Bank's Islamic Window From Onboarding New Customers for Six Months

UAE Central Bank suspends bank's Islamic window from onboarding new customers for six months

Lender also fined Dh3.5 million for non-compliance with Sharia governance rules

UAE bans bank from accepting new customers for 6 months, fines Dh3.5 million

Central Bank of the UAE has taken regulatory action against a bank operating in the country by suspending its onboarding of new customers under its Islamic Window for a period of six months.

UAE Central Bank Suspends Bank’s Islamic Window Onboarding, Imposes AED 3.5M Fine - Fintechnews Middle East

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 ins…