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UAE Central Bank suspends licence of YAS Takaful over regulatory breaches
Despite the suspension, the company remains legally obligated to fulfill all commitments related to insurance contracts issued prior to this action
- PUBLISHED: Mon 18 Aug 2025, 9:13 AM UPDATED: Mon 18 Aug 2025, 9:25 AM
The Central Bank of the UAE (CBUAE) on Monday (August 18) announced that it suspended the licence of YAS Takaful PJSC due to the firm's failure to comply with regulatory requirements for insurance companies in the UAE.
Despite the suspension, the company remains legally obligated to fulfill all commitments related to insurance contracts issued prior to this action.
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The decision was issued in accordance with Article 33(2)(k) of Federal Decree Law No. 48 of 2023, which governs insurance activities in the country.
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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.
On July 11, the Central Bank suspended the licence of Al Khazna Insurance Company for failing to meet the licensing requirements necessary to conduct insurance business during the period of suspension of its licence.
In March, the Central Bank imposed a Dh2.62 million fine on two insurance companies and five banks for failing to follow tax compliance standards.
The UAE has imposed tighter controls around banking, finance and insurance companies to ensure that they fully comply with the local laws and international regulations.
