The Central Financial institution of the UAE has suspended the onboarding of recent prospects on the Islamic Window of a financial institution working within the UAE, for six months and imposed a monetary sanction of AED3,502,214 ($953,000).
The transfer adheres to Article 137 of the Decretal Federal Regulation No. (14) of 2018 Relating to the Central Financial institution and Organisation of Monetary Establishments and Actions, and its amendments.
The sanctions consequence from the Central Financial institution’s Sharia supervision examinations, which revealed the financial institution’s non-compliance with the directions associated to Sharia’ Governance of the Islamic Window and the provisions of the Decretal Federal Regulation No. (14) of 2018 Relating to the Central Financial institution and Organisation of Monetary Establishments and Actions, and its amendments.
UAE Islamic Banking sanction
The CBUAE, by means of its supervisory and regulatory mandates, endeavours to make sure that all banks and their workers, abide by the nation’s legal guidelines, laws and requirements established by the Central Financial institution to take care of transparency and integrity of the banking sector and safeguard the monetary system.
