Sanctions have been imposed on eight banks operating in the UAE for violating the Central Bank's rules and regulations.
The unnamed lenders were pulled up for failing to comply with guidelines on not granting loans or credit facilities to certain beneficiaries.
The decision is based on Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organisation of Financial Institutions and Activities and the Central Bank notices regarding the beneficiaries of the Nationals Defaulted Debts Settlement Fund (NDDSF) facilities.
"The administrative sanctions take into account the banks’ failures to comply with the CBUAE’s instructions not to grant any loans or credit facilities to the beneficiaries of loans granted by the NDDSF, including credit cards," the Central Bank said in a statement.
It added that the move is part of efforts to safeguard the transparency and integrity of the UAE's financial system and to ensure that all licensed financial institutions operating in the country, including banks, abide by the UAE laws.
Volkswagen flags 50,000 job cuts across group
UAE tightens anti-fraud rules, sets 24-hour deadline to withdraw fake goods
Apple facing $2.7 billion UK lawsuit over 'unfair' app tracking rules
Middle East Energy 2026 opens in Dubai
Shein shares slide in Hong Kong debut on worries about trade, regulatory risks
