The UAE Central Bank revoked the licence of Al Khazna after the insurance company failed to meet the licensing requirements needed to conduct business during the period of suspension of its licence.
The move is in accordance with laws regulating insurance activities, the regulator said in a statement on Friday.
"The revocation results from the findings of examinations and follow ups conducted by the CBUAE, which revealed that Al Khazna failed to comply with requirements set out in the insurance law and other regulatory requirements imposed by the CBUAE, during the period of suspension of its licence," the central bank said.
Al Khazna Insurance Company, founded in 1996, has a diverse portfolio of businesses, including personal accident, property, medical, motor, financial liability, marine, energy and aviation, according to its website.
The central bank, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professions abide by the UAE laws, regulations and standards adopted by the regulator to "safeguard the transparency and integrity of the insurance sector and the UAE financial system", it added.
The banking regulator has been cracking down heavily on regulatory non-compliance. Earlier this week, it imposed a fine of Dh4.1 million ($1.1 million) on three exchange houses for failing to comply with the law on anti-money laundering and counter-terrorism financing (AML/CFT), as it continues its fight against illegal financial activity.
Earlier this month, it imposed a fine of Dh5.9 million on a branch of an unnamed foreign bank operating in the UAE for failing to comply with the AML/CFT framework and related regulations.
In June, the Central Bank imposed a Dh100 million fine on an exchange house for “significant failures” in its AML/CFT framework.
The UAE's efforts have been paying off. The EU last week voted to remove the UAE from its list of countries that pose a high risk for money laundering and terrorist financing amid a drive in the Emirates to boost its regulatory framework.
The European Parliament decided not to object to the European Commission’s proposal to amend the EU list of high-risk countries this week, enabling the removal of the UAE.
The Financial Action Task Force, the global body that combats money laundering and terrorism financing, removed the UAE from its “grey list” in February last year after significant progress on reforms. The Emirates was placed on the list in 2022.
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
THREE
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COMPANY%20PROFILE
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
Coal Black Mornings
Brett Anderson
Little Brown Book Group
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
