The Central Bank of the United Arab Emirates has revoked the license of Yas Takaful in accordance with Article 33 (2) (k) of Federal Decree-Law No. 2023, which pertains to the regulation of insurance activities.
This decision was made due to Yas Takaful’s failure to comply with the existing regulatory framework for insurance companies in the UAE. Yas Takaful remains accountable for all rights and obligations emerging from insurance contracts established prior to the suspension.
The Central Bank is committed to ensuring that all insurers, their owners, and employees adhere to the current laws, as well as the policies and standards it has set. This regulatory approach aims to uphold the transparency and integrity of the insurance sector and to safeguard the nation’s financial system.