Legal Framework: UAE law (Federal Decree Law No. 31 of 2021) prohibits individuals from lending money with interest. Authorized Lenders: Only licensed banks can lend with interest. Penalties (Article 458): Up to one year in jail and a fine of at least Dh50,000 for lending with interest. In response to your questions, the legal framework … Read more
KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir has highlighted the issues and challenges of cyber-security faced by the banks, a statement said. He highlighted the issues in his keynote speech at the Islamic Financial Services Board (IFSB). Malaysia organised the 13th Public Lecture Series on the theme of “Sustainability and Cyber Resilience” … Read more
ABU DHABI: The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 15 basis points, effective from July 29, 2021. This decision was taken following the US Federal Reserve Board’s announcement on July 28, 2021, to set the Interest on Reserve Balances (IORB) … Read more
