UAE Central Bank suspends bank's Islamic window for non-compliance
The UAE's Central Bank (CBUAE) has suspended the Islamic window of a bank for six months, saying it failed to comply with Sharia governance instructions.
CBUAE also imposed a fine of AED 3.5 million. "Through its supervisory and regulatory mandates, endeavors to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the banking sector and safeguard the UAE financial system," the country's bank said.
The specific bank was not named.
An Islamic window is a division of a financial institution that is expected to comply with Sharia laws in its operations.
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