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.