“The Central” stops a bank for the acceptance of new customers with its Islamic banking windows for a period of 6 months

The United Arab Emirates Bank imposed sanctions on one of the banks, which was to stop the acceptance of new customers in the services of its Islamic banking window for a period of six months, and fined it in the amount of 3,502,214 dirhams, according to Article “137” of the Decree of the Law No. 14 of 2018 regarding the central bank and the organization of institutions and financial activities and its amendments.

These penalties come based on the results of the legal supervision inspections by the Central Bank, which revealed that the bank does not comply with the instructions related to the legal requirements related to the window of Islamic banking services, and for the provisions of the decree of the Federal Law No. 14 of 2018 regarding the central bank and the organization of institutions and financial activities and its amendments.

The central bank works through its supervisory and regulatory tasks to ensure the commitment of all banks and their employees to legislation and laws in force in the United Arab Emirates, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of the banking sector, and protecting the financial system in the country.