A bank in the UAE has been fined AED 3.5 million and banned it from operating for six months for failing to comply with Sharia guidelines.
The UAE's Central Bank (CBUAE) has taken the regulatory action after supervisory examinations revealed the bank’s failure to comply with a number of Sharia laws, including instructions related to Sharia’ Governance of the Islamic Window.
The bank was not named.
Regular checks are carried out by the CBUAE "maintain transparency and integrity of the banking sector and safeguard the UAE financial system".
An Islamic window is a division of a financial institution that is expected to comply with Sharia laws in its operations.
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