Central Bank Suspends Yas Takaful Licence; Regulator Cites Serious Breaches
Dh370m in fines imposed across banks, insurers, brokers and exchange houses since start of 2025 in sweeping crackdown
Staff WriterAug 18, 2025, 7:49 AMThe Central Bank of the UAE (CBUAE) has suspended the licence of Yas Takaful PJSC, prohibiting the insurer from writing any new business after detecting regulatory breaches.
The move, taken under Article 33(2)(k) of Federal Decree Law No. 48 of 2023, comes after the company was found in violation of the UAE’s insurance regulations. While new operations are halted, Yas Takaful remains responsible for all obligations arising from existing contracts.
The CBUAE said the action reflects its mandate to ensure insurers, their management, and staff comply with laws and standards designed to protect the stability of the insurance sector and the wider financial system.
Article 33 – Measures and Sanctions
Under Chapter 7 of the Decree-Law (titled Measures, Sanctions and Grievance), Article 33 outlines the enforcement powers granted to the Central Bank of the UAE (CBUAE) to regulate insurance companies. Among the sanctions listed, sub-clause (2)(k) authorises the suspension of an insurance company’s licence.
In context, the full Article 33 encompasses a series of measures the CBUAE may deploy --including conducting inspections, removing senior officials, appointing independent observers to board meetings, and suspending the company's licence -- all aimed at ensuring compliance and safeguarding the insurance sector’s integrity.
Dh370m in Penalties Across Financial Sector
In a parallel crackdown, the CBUAE has levied more than Dh370.3 million ($101 million) in fines since the start of 2025 against banks, insurers, money exchange firms, and a finance company.
Official statements show that at least 13 exchange houses, seven insurers and brokers, 10 banks -- including three foreign lenders -- and one finance company have been penalised this year, marking one of the regulator’s largest enforcement drives in recent years.
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