UAE Central Bank halts the license of Yas Takaful insurance company

UAE Central Bank Suspends Yas Takaful License

The UAE Central Bank has halted the operations of Yas Takaful due to violations of national regulations, as announced on Monday.

The bank made it clear that Yas Takaful remains accountable for the rights and obligations tied to insurance contracts that were terminated before the suspension took place.

In its statement, the regulator emphasized its role in ensuring compliance among insurers, their owners, and staff with UAE laws aimed at preserving the integrity of the insurance sector and the overall financial system.

Previously known as Al Hilal Takaful, Yas Takaful was established in 2008 and was taken over in 2020 by Siraj Holding, a private investment firm based in the UAE. Their website highlights offerings of Sharia-compliant Takaful solutions.

Takaful functions as a type of Islamic insurance where participants contribute to a pool, providing mutual support against potential losses or damages while also covering health, life, and other insurance needs.

I did reach out to Yas Takaful for their thoughts on the matter.

This latest action is part of a broader crack down by UAE authorities on regulatory violations.

Just last month, the insurer’s Arcazuna license was revoked for not meeting necessary licensing criteria during a suspension period.

Additionally, in July, fines totaling $4.1 million were levied on three exchanges for non-compliance with Money Laundering and Counterterrorism Financing (AML/CFT) laws, highlighting ongoing efforts against illegal financial activities.

In June, a considerable fine was also imposed on several exchanges due to significant hurdles to the AML/CFT framework.

In the first half of 2025, the UAE government sanctioned over $42 million in fines against private entities for noncompliance with anti-money laundering regulations, as reported by the state news agency.