CBY governor issues decision to prohibit dealing with number of entities practicing banking business in violation of law
SANA’A May 31. 2024 (Saba) – The Governor of the Central Bank of Yemen (CBY) issued today Resolution No. (4) of 1445 AH regarding the prohibition of dealing with a number of entities practicing banking business in violation of the law.
The resolution reads as follows:
Governor of the Central Bank of Yemen:
After perusal of Law No. (14) of 2000 Concerning the Central Bank of Yemen and its Amendments
Law No. (38) of 1998 on banks
Law No. (21) of 1996 on Islamic Banks, as amended,
Law No. (15) of 2009 on microfinance banks;
Law No. (40) of 2006 on payment systems and electronic financial and banking operations
Law No. (1) of 2010 Concerning Combating Money Laundering and Terrorist Financing, as amended, and the Executive Regulations thereof
In view of the fact that the entities mentioned in article 1 of this resolution have violated the laws in force and the instructions of the Central Bank of Yemen by conducting banking business without a licence from the Central Bank of Yemen, headquartered in Sana’a, and in violation of the provisions of the Anti-Money Laundering and Combating the Financing of Terrorism Law, and in facilitating and dealing with entities internationally convicted of corruption, money-laundering and financing of terrorist groups, and leaking, disclosing and handing over financial statements to hostile States and entities, and acting in their interest with the aim of harming the Republic of Yemen and its citizens and in the public interest, it decided:
Article (1): Local and foreign financial and non-financial institutions and individuals are prohibited from dealing with any of the named entities as follows:
1 – Al Qutaibi Islamic Bank for Microfinance.
2 – Al-Busairi Microfinance Bank.
3 – Aden Islamic Bank for Microfinance.
4 – First Aden Islamic Bank.
5 – National Bank of Yemen – Aden.
6 – The Cooperative and Agricultural Credit Bank – Aden.
7 – Al Shumul Islamic Microfinance Bank.
8 – Al Salam Capital Islamic Microfinance Bank.
9 – Tamkeen Microfinance Bank.
10 – Alinma Bank for Microfinance.
11 – Sharq Yemeni Bank For Islamic Microfinance.
12 – Hadhramout Commercial Bank.
13 – Bin Dowal Islamic Microfinance Bank.
Article (2) Anyone who violates this decision will be subject to accountability and legal penalties.
Article (3): This decision shall enter into force from the date of its issuance.
Issued at the head office – Sana’a
On 23/11/1445 AH
Corresponding to 31/5/2024 AD
E.M
resource : Saba
