UAE Central Bank suspends bank's Islamic window from onboarding new customers for six months
The sanctions were imposed following the banking regulator's Sharia supervision examination, which found breaches by the bank, the Central Bank said on Wednesday. The name of the lender was not disclosed.
'The Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards … to maintain transparency and integrity of the banking sector and safeguard the UAE financial system,' it said.
The banking regulator has been cracking down heavily on regulatory non-compliance in recent weeks.
On Tuesday, it imposed a Dh2 million fine on an exchange house for failing to comply with the country's anti-money laundering and counter-terrorism financing (AML/CFT) policies and procedures.
Last month, it also imposed a Dh100 million fine on an exchange house for 'significant failures' in its AML/CFT framework and related regulations.
It also fined an exchange house Dh200 million for the same offence in May. A Dh500,000 fine was also imposed on a branch manager, who was banned from working in any licensed financial institutions in the UAE.
Earlier this month, the European Commission, the EU's main executive body, removed the UAE from its list of countries that pose a high risk for money laundering, amid growing efforts by the Emirates to boost its regulatory framework.
The commission said the list was updated after taking into account the work of the Financial Action Task Force.
The updated list will come into force after it receives 'no‑objection' from the European Parliament and the council within one month, which can be extended for another month.
The FATF, the global body that combats money laundering and terrorism financing, removed the UAE from its 'grey list' in February last year after significant progress on reforms. The Emirates was placed on the grey list in 2022.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
From swallowing rocks to ramming jewellery stores, a 20-year timeline of daring Dubai heists
Dubai, long known as one of the world's leading hubs for luxury jewellery, has also witnessed daring diamond thefts over the past two decades. From smash-and-grab raids to elaborate deception schemes, these high-profile cases remain etched in the city's crime history. While such cases have captured global headlines, Dubai Police stress that jewellery store robberies are exceptionally rare in the emirate, thanks to strict security measures and using advanced technology in tracking the crooks. Dubai Police recently prevented an attempt to smuggle a stolen diamond worth $25 million out of the UAE after arresting a trio that had been plotting to steal the 21-carat pink diamond for more than a year. They conned the jeweller by posing as wealthy buyers interested in purchasing it. The pink diamond is classified as fancy intense and weighs 21.25 carats, has an exceptional clarity, symmetry and polish. Teams from Dubai police were able to track the three suspects, arrest them and recover the diamond in eight hours from receiving the emergency report. Here is a list of famous diamond heists in the emirate. Diamond necklace (2022) On July 3, 2022, two men, from Eastern Europe, were arrested over the theft of a diamond necklace worth Dh1.7 million in a night-time raid at a luxury hotel in the Al Sufouh area. The pair wore wigs, face masks and used a glass cutter during the theft at the hotel's jewellery shop. They were stopped by officials as they tried to board a flight out of Dubai airport only hours later. Blue diamond smuggling case in 2018 On May 25, 2018, Dubai Police cracked a major case involving a rare 9.33-carat blue diamond worth $20 million (Dh73.4million). A security guard working for a company in a free zone stole the gem and passed it to a relative, who smuggled it to Sri Lanka hidden in a shoe box by sea. Following an intensive cross-border investigation, the diamond was traced and recovered, and the suspects were arrested. Dubai Police investigators analysed 8,620 hours of CCTV footage and questioned 120 people, eventually leading to the suspect's arrest and recovered the blue stone, named Brilliant. Gold Souk distraction theft (2018) On October 22, 2018, a daring distraction theft unfolded at the Gold Souk in Deira area. An Asian woman grabbed a 3.27-carat diamond worth about Dh300,000 and swallowed it in an attempt to smuggle it out. The thieves distracted a shopkeeper before swiftly making off. The woman and her partner fled the country, but were arrested within 24 hours in India and later extradited to the UAE. The stolen stone was recovered. Wafi Mall smash-and-grab (2007) One of Dubai's most infamous robberies took place in April 2007, when members of the notorious Pink Panthers gang stormed the Graff jewellery boutique at Wafi City Mall. Using two stolen Audi cars, the gang rammed through the glass entrance and escaped with diamonds and jewellery worth nearly Dh14.7 million. The thieves torched their getaway vehicles and fled, sparking an international investigation that later led to multiple arrests.
Zawya
an hour ago
- Zawya
Riyadh to host third World Defense Show in February 2026
RIYADH — Under the patronage of Custodian of the Two Holy Mosques King Salman, the General Authority for Military Industries (GAMI) will host the third edition of the World Defense Show (WDS) in Riyadh in February 2026. On behalf of the King, Minister of Defense and GAMI Vice Chairman Prince Khalid bin Salman will open the grand global event, scheduled to take place from February 8 to 12. The World Defense Show embodies the Kingdom's visionary leadership, serving as a future-focused, domain-driven international event designed to be the gold standard for global defense exhibitions. It receives full support from all relevant ministries, authorities, and companies, with participation from strategic entities in both the Saudi public and private sectors. GAMI Governor Ahmad Al-Ohali expressed his gratitude to King Salman and Crown Prince, Prime Minister and Chairman of GAMI Mohammed bin Salman for their generous patronage and unwavering support for the military industries sector. 'The royal patronage is an extension of the leadership's unwavering support to localizing 50 percent of military expenditure in line with the Kingdom's Vision 2030. This commitment to innovation and cooperation exemplifies our dedication to fostering global partnerships, leveraging our strategic location, and harnessing the Kingdom's industrial capabilities. Together, we are shaping the future of defense, ensuring stability and growth for our nation,' he said. World Defense Show CEO Andrew Pearcey said: 'The 2026 edition will build on the collaboration between government and industry to create a unique environment where the global defense supply chain can meet, share ideas, and do business. Through expanded venue capacity, cutting-edge content, and a strong focus on technology transfer and talent development, WDS 2026 will serve as a global catalyst—bringing together leaders, innovators, and emerging talent to chart the path for the defense industry's future.' WDS is expanding its 2026 edition with a fourth exhibition hall, increasing its total exhibition space by 58 percent compared to the inaugural event. The venue is designed to the highest international standards, which will enhance cooperation, partnership building, and the overall visitor experience. The World Defense Show has grown significantly with each edition. The 2024 event saw participation from 773 exhibitors representing 76 countries, hosted 441 official international delegations, facilitated SR26 billion in deals, and attracted 106,000 trade visits, building on the success of the inaugural 2022 edition. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Khaleej Times
an hour ago
- Khaleej Times
Cakes, deals and more: Back-to-school in UAE turns into celebration
Back-to-school in the UAE has transformed into a celebration, with families marking the season much like a festival. From themed cakes to discounts on meals and even waterpark deals, the days leading up to the first day of school have become an important retail and community moment. Businesses across sectors highlighted that in recent years, the season has gone beyond the traditional purchase of supplies, evolving into an occasion filled with excitement for students, parents, and enterprises alike. Families are now treating it as a fresh start as children return to their schools after a two-month break on August 25, with brands across sectors designing promotions to capture the celebratory mood. Bakers, for instance, say their offerings play a key role in turning the return to classrooms into something special for children. Mandy Chanana, COO Mister Baker said, 'Back-to-school celebrations have definitely shaped our menu and promotions this season. We wanted to capture the excitement of a fresh start and translate it into products that families can enjoy together. "We introduced themed cakes, colourful cupcakes, and cookie packs designed especially for students and families. These playful items are created to spark joy and make the school season memorable. We have seen families come in specifically to mark the start of the school year. Many parents pick up cakes and cookies to surprise their children or to host small gatherings, showing that back-to-school has become a celebration in its own right.' Free dish by presenting report card Even restaurants are joining the movement, encouraging families to dine out and celebrate milestones together. Yash Mulchandani, Director of GCC Operations and New Market Expansion at Kailash Parbat said, 'To make it memorable, we've introduced weekday discounts — 40 per cent off on Mondays, 30 per cent off on Tuesdays, and 20 per cent off on Wednesdays. Adding to the fun, students can enjoy a free Chole Bhature by simply showing their report card — a homely favourite that brings comfort and joy to every table. These offers are our way of making dining out more affordable, fun, and rewarding for families during this exciting season.' He added, 'As a family-first brand for years, we've created something for everyone — kids, parents, and families alike. The 'report card = free Chole Bhature' treat is designed especially for students, while the weekday discounts give families more chances to come together over their favourite dishes. Whether it's a quick bite after school or a family outing, we have made sure every visit feels like a celebration.' Cashing in on the boom Retailers have also positioned themselves as central to this shift, with wide-ranging offers on everything from stationery to healthy snacks. Kamal Vachani, Deputy CEO, Group Director and partner Almaya group said, 'We have carefully designed our back-to-school promotions to ease the preparations for families while making the shopping experience enjoyable. This year, we are running exclusive offers across a wide range of categories, including school supplies, stationery, backpacks, lunch boxes, and healthy food products. Our campaigns focus on offering convenience and variety under one roof, helping parents save time while giving children a sense of excitement as they prepare for the new academic year.' Tech-driven platforms are also tapping into the season. Careem is offering 'five minute delivery and up to 50 per cent off school and home essentials (backpacks, stationery, pantry items, etc.) and electronics (Samsung Tablets, MacBooks, iPads, etc). Dh 600 off for 3-month car rentals.' The company is also enabling direct international transfers to UK educational institutions via Careem Pay, supporting families with children studying abroad. Leisure destinations are ensuring families can enjoy one final outing before school routines begin. Over at Wild Wadi Waterpark, a press statement said, 'Families can dive into one last splash-fest before school starts from 16 to 31 August, kids under 8 go free.' Meanwhile, hospitals are also tailoring packages to align with the back-to-school mood, focusing on children's health as part of academic readiness. Saudi German Hospital in a statement to KT said, 'Getting children ready for a successful academic year starts with their health. Saudi German Hospitals in Sharjah and Ajman offer a comprehensive Back-to-School Package for only AED 299. The package offers parents peace of mind with vital checks including Vitamin D, Iron, CBC. These essential tests ensure children have the energy, focus and wellbeing needed for their school journey.'
