Latest news with #ShariaGovernance
Arabian Business
2 hours ago
- Business
- Arabian Business
CBUAE suspends new Islamic Banking customers at UAE Bank for 6 months
The Central Bank of the UAE has suspended the onboarding of new customers on the Islamic Window of a bank operating in the UAE, for six months and imposed a financial sanction of AED3,502,214 ($953,000). The move adheres to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The sanctions result from the Central Bank's Sharia supervision examinations, which revealed the bank's non-compliance with the instructions related to Sharia' Governance of the Islamic Window and the provisions of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. UAE Islamic Banking sanction The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the country's laws, regulations and standards established by the Central Bank to maintain transparency and integrity of the banking sector and safeguard the financial system.
Sharjah 24
5 hours ago
- Business
- Sharjah 24
CBUAE penalises bank over Islamic Window violations
Findings from Sharia supervision The sanctions stem from the CBUAE's Sharia supervision examinations, which revealed the bank's non-compliance with instructions related to Sharia Governance of the Islamic Window, as well as violations of the Decretal Federal Law No. (14) of 2018 and its amendments. Ensuring compliance and sector integrity Through its supervisory and regulatory role, the CBUAE aims to ensure that all banks and their staff adhere to UAE laws, regulations, and standards. This is to uphold transparency and integrity in the banking sector and safeguard the UAE's financial system.
Zawya
11 hours ago
- Business
- Zawya
CBUAE suspends the onboarding of new customers in the Islamic window of a bank for six months
Abu Dhabi: The Central Bank of the UAE (CBUAE) has suspended the onboarding of new customers on the Islamic Window of a bank operating in the UAE, for six months and imposed a financial sanction of 3,502,214, pursuant to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The sanctions result from the CBUAE's Sharia supervision examinations, which revealed the bank's non-compliance with the instructions related to Sharia' Governance of the Islamic Window and the provisions of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The CBUAE, 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.
