UAE Central Bank suspends licence of insurance company Yas Takaful

Company penalised for 'failure to comply with the regulatory framework governing insurance companies'

The UAE Central Bank has been cracking down heavily on regulatory non-compliance. Photo: UAE Central Bank

The UAE Central Bank has suspended the licence of insurance company Yas Takaful for non-compliance with the country's regulatory framework, it said on Monday.

"Yas Takaful remains liable for all rights and obligations arising from insurance contracts concluded before the suspension," the Central Bank said in a statement.

The regulator, 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 ... to safeguard the integrity of the insurance sector and the UAE financial system", it added.

UAE investors see 'grim chance' of recovering funds from UK asset manager

Read More

Yas Takaful, formerly known as Al Hilal Takaful, was established in 2008 and acquired in 2020 by UAE-based private investment firm Siraj Holding. It offers Sharia-compliant takaful solutions, according to its website.

Takaful is a form of Islamic insurance where participants pool their contributions to provide mutual protection against loss or damage, offering coverage for health, life, and general insurance requirements.

The National has reached out to the company for comment.

The latest action comes as the UAE regulator has been cracking down heavily on regulatory non-compliance.

Last month, it revoked the licence of Al Khazna after the insurance company failed to meet the licensing requirements needed to conduct business during the period of suspension of its licence.

It also imposed a fine of Dh4.1 million ($1.1 million) on three exchange houses in July for failing to comply with the law on anti-money laundering and counter-terrorism financing (AML/CFT), as it continues its fight against illegal financial activity.

In June, the Central Bank imposed a Dh100 million fine on an exchange house for “significant failures” in its AML/CFT framework.

Overall, the UAE imposed fines of more than Dh42 million on private sector entities during the first half of 2025 for not complying with money laundering regulations, state news agency Wam quoted the Ministry of Economy of Tourism as saying last month.

A total of 1,063 breaches were discovered in the six months through the end of June across four categories, it said.

Last year, the government also amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations to ensure better regulatory oversight.

In a major vote of confidence, the EU last month also voted to remove the UAE from its list of countries that pose a high risk for money laundering and terrorist financing.