'Sanadak' launch a leap forward for UAE financial services: UAE Banks Federation

Sanadak

The UAE Banks Federation (UAEBF) expressed strong support for the Central Bank of the UAE's (CBUAE) launch of "Sanadak", the first Ombudsman Unit catering to consumers of Financial Institutions and Licenced Insurance Companies. This initiative is seen as a significant step forward for the UAE's financial services sector, solidifying its position as a regional leader.

Sanadak focuses on safeguarding consumer rights and resolving complaints that arise from dealings with Financial Institutions and Licenced Insurance Companies.

UAEBF representing its members (banks and financial institutions), pledged full cooperation with "Sanadak" to achieve its goals of protecting consumer rights within the financial sector.

Jamal Saleh, Director-General of the UAE Banks Federation, highlighted the launch of "Sanadak" as a pioneering initiative by the CBUAE. This initiative aims to bolster consumer protection and confidence in the banking and financial sector. The unit will prioritise integrity, fairness, and transparency in resolving complaints or disputes involving licenced banks and insurance companies in the country.

"Sanadak" is described by Jamal Saleh as a vital tool to accelerate the resolution of complaints from stakeholders. Its effectiveness, transparency, and ability to facilitate amicable dispute resolution are highlighted. Saleh emphasised that "Sanadak" will not only boost confidence in the UAE's financial services sector but also strengthen the country's position as a flourishing global financial hub.

He continued that the UAE boasts high consumer confidence in its banking sector, ranking second globally in 2022. This achievement is credited to the Central Bank's directives and the banking sector's ongoing development efforts.

Jamal Saleh revealed that customer confidence in the banking sector in the UAE rose to 90 percent in 2023, compared to 84 percent in 2022, surpassing all other countries and leading even the most developed financial and banking centres in the world.

He highlighted that the objectives of "Sanadak" are in line with the UAE Banks Federation's goals of ensuring fair and effective financial services and promoting financial inclusion. The Federation's members are dedicated to offering top-notch banking products and services to all customer segments, particularly individuals and small to medium-sized enterprises, pivotal for the UAE's economic growth through diversification and job creation.