National Bank of Umm Al Qaiwain -Annual Report of the Executive Member of the Shari’ah Supervision | premargin
National Bank of Umm Al Qaiwain -Annual Report of the Executive Member of the Shari’ah Supervision
·ADX·General Disclosure | Announcements·February 13, 2026·View on exchange
AI Summary
The National Bank of Umm Al Qaiwain (NBQ) is proceeding with the closure of its Islamic Banking Unit following a formal run-down decision initiated on September 21, 2021.
The Central Bank of the UAE (CBUAE) has approved the bank's detailed closure plan, requiring ongoing Shari’ah supervision until all compliant assets and liabilities are liquidated.
For the financial year ended December 31, 2025, the unit has ceased accepting new deposits and establishing new finances in preparation for its full dissolution.
An independent body has been contracted to perform an External Shari’ah Audit to ensure the disposal of remaining assets and the distribution of profits remain compliant with regulatory standards.
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