The central bank imposes a fine on a financing company

The United Arab Emirates Bank imposed a financial fine on one of the financing companies, which amounted to 600 thousand dirhams, according to Article (137) of Decree Law No. (14) of 2018 regarding the central bank and organizing financial facilities and activities and its amendments.

The financial fine comes based on the results of the inspections conducted by the central bank, which showed that there are violations related to the lack of compliance with the financing company of market behavior and consumer protection standards and standards.

The Central Bank works, through its supervisory and regulatory missions, to ensure the commitment of all financing companies and its employees to legislation in the state, and the regulations and standards adopted by it, with the aim of preserving the transparency and integrity of the financing sector, and protecting and stabilizing the state’s financial system.