The Central Bank of the UAE (CBUAE) has suspended new customer onboarding at an Islamic bank window for six months and imposed a Dh3.5 million penalty. The action followed a Sharia compliance review under Article 137 of Decretal Federal Law No. 14 of 2018, which found breaches of Sharia governance rules and related banking regulations.
The bank’s Islamic window failed to meet required Sharia oversight standards, prompting the CBUAE to act. The regulator emphasised that its role is to enforce adherence to UAE laws, CBUAE directives, and sector-wide standards aimed at preserving transparency and integrity across the banking system.
