The Central Bank of the UAE (CBUAE) suspended the onboarding of new customers in the Islamic window of a bank operating in the UAE for six months and imposed a financial sanction of 3,502,214 under Article 137 of Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, as amended. The measures followed Sharia supervision examinations that identified non-compliance with CBUAE instructions related to Sharia governance of the Islamic window and with provisions of the Decretal Federal Law No. (14) of 2018, as amended. The CBUAE linked the action to its supervisory and regulatory mandate to ensure banks and their staff comply with UAE laws, regulations and CBUAE standards.
Central Bank of the UAE 2025-06-25
Central Bank of the UAE suspends new customer onboarding in a bank’s Islamic window for six months and imposes a 3,502,214 financial sanction
The Central Bank of the UAE suspended new customer onboarding in a bank's Islamic window for six months and fined it 3,502,214 AED under Article 137 of Decretal Federal Law No. (14) of 2018. This enforcement action followed Sharia supervision examinations revealing non-compliance with CBUAE instructions and Sharia governance provisions. The measures align with the CBUAE's mandate to ensure compliance with UAE laws and standards.