ABU DHABI, 25th June, 2025 (WAM) — The Central Bank of the UAE (CBUAE) has halted customer registrations at an Islamic window of a local bank within the UAE for half a year and levied a monetary penalty of AED 3,502,214. This action was taken under Article 137 of Decree-Law Number (14) of 2018 Concerning the Central Bank and Regulation of Financial Institutions and Activities, including all revisions thereto.
The penalties arise due to the inspections conducted by the CBUAE for Sharia compliance, uncovering the bank’s failure to adhere to the guidelines concerning the Sharia Governance of the Islamic Window as well as the stipulations set forth in Decree-Law Number (14) of 2018 On The Central Bank And Regulation Of Financial Institutions And Activities, including any modifications made thereto.
Through its oversight and regulatory responsibilities, the CBUAE works diligently to guarantee that all banks along with their employees adhere to the laws, rules, and guidelines set forth by the CBUAE. This ensures the transparency and integrity of the banking industry as well as protects the UAE’s financial ecosystem.
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