The central bank stops the “Yas Takaful” license

The United Arab Emirates Bank suspended Yas Takaful license, according to Article 33 (2) (K) of the Decree of a Federal Law No. 2023 regarding the regulation of insurance activities.

The procedure came as a result of the lack of compliance with “Yas Takaful” with the supervisory framework of the insurance companies in force in the UAE.

Yas Takaful Company remains responsible for all rights and obligations arising from insurance contracts concluded before the suspension decision.

The central bank works through its supervisory and regulatory tasks to ensure the commitment of all insurance companies, their owners and employees to the laws in force in the UAE, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of the insurance sector and protecting the state’s financial system.