The UAE Central Bank has announced a six-month suspension of a bank’s Islamic window from onboarding new customers. This decision also includes a fine exceeding Dh3.5 million ($953 632) due to the bank’s non-compliance with Sharia governance rules. An Islamic window refers to a unit within a conventional bank that allows customers to engage in...
The European Union announced on Tuesday that it has removed the United Arab Emirates from its money-laundering “high-risk” list. This decision reflects the EU’s assessment of the UAE’s efforts to strengthen its financial controls against illicit activities. In addition to the UAE’s removal, the European Commission indicated that it has added Monaco to the list...
The Dubai Financial Services Authority (DFSA), which serves as the independent regulator for the Dubai International Financial Centre (DIFC), has officially published its Annual Report for 2024. This report outlines the DFSA’s achievements and the overall performance of the financial sector within the DIFC during the past year. In the report, the DFSA highlighted significant...
His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, the Supreme Council Member and Ruler of Sharjah, has enacted a new law regarding corporate tax for both extractive and non-extractive natural resource companies operating in the Emirate of Sharjah. This law aims to establish clear tax obligations for companies involved in these sectors. Under this...