Skip to main content
Entire section Custom print Text Only Rich Text Print

3.3.2 Financial Products and/or Services

C 8/2020 STA Effective from 25/12/2020
  1. 3.3.2.1Licensed Financial Institutions must report to the Central Bank annually by January 31st with the list of Financial Products and/or Services offered to Consumers in the UAE in a manner as may be prescribed by the Central Bank.
  2. 3.3.2.2The Central Bank may require detailed information and Data on all Financial Products and/or Services offered by Licensed Financial Institutions. All Licensed Financial Institutions are required to comply with such requests within the stipulated timeframe.
  3. 3.3.2.3Licensed Financial Institutions must submit an application to request a “No Objection Letter” from the Central Bank for any new or revised Financial Product and/or Service that the Central Bank may prescribe as requiring an application for a “No Objection Letter”. Where there is a requirement for a “No Objection Letter”, the CBUAE will establish appropriate turnaround times / response times.
  4. 3.3.2.4The Central Bank will publish periodically its procedural time frames for the matters required to be submitted and considered by the Central Bank.
  5. 3.3.2.5The application for a “No Objection Letter” by the Licensed Financial Institution must include information as may be prescribed by the Central Bank.
  6. 3.3.2.6The Central Bank or The Higher Shari’ah Authority may issue additional guidance or standards for certain types of Financial Products and/or Services offered by Islamic Financial Institutions.