The Central Bank of the UAE (CBUAE) has suspended the operating licence of YAS Takaful PJSC under Article 33(2)(k) of Federal Decree Law No. 48 of 2023, which regulates insurance activities.
The suspension followed the company’s failure to meet the regulatory standards required for insurance providers in the UAE.
YAS Takaful remains accountable for all existing insurance contracts entered into before the licence was suspended.
The CBUAE said it continues to monitor insurers and their staff to ensure compliance with local laws, regulations, and supervisory standards aimed at safeguarding the UAE’s financial system and the insurance sector’s operational integrity.
“The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurers, their owners, and staff abide by the UAE laws, and regulations and standards adopted by the CBUAE to safeguard the integrity of the insurance sector and the UAE financial system,” it said.
In a separate action, the CBUAE levied a fine of AE$600,000 on a finance company, citing non-compliance with market conduct rules and consumer protection regulations.
The sanction was issued under Article 137 of Decretal Federal Law No. 14 of 2018, which governs the Central Bank and the operation of financial institutions.
The central bank highlighted that these measures form part of its routine supervision to ensure financial institutions adhere to transparency and legal requirements.
These regulatory actions coincided with the release of the CBUAE’s May 2025 report on monetary and banking indicators. Key developments included:
The monetary base expanded 2.2% to AE$836.7 billion, supported by rises in currency issued, reserve accounts, and monetary bills and Islamic certificates of deposit.
Banking sector indicators also showed growth: total assets climbed 2.7% to AE$4,878.3 billion, and gross credit increased 1.5% to AE$2,293.4 billion.
The growth included gains in domestic and foreign lending, while credit to government-related entities and non-banking financial institutions declined.
Total bank deposits rose 1.8% to AE$3,018.5 billion, driven by both resident and non-resident deposits, with varying growth across government, private, and government-linked sectors.
