UAE consumers can now lodge complaints against banks and licensed insurance companies through Sanadak, the country’s first ombudsman unit, which aims to resolve customer issues within the financial sector.
Sanadak's services were rolled out on Thursday, reducing the legal burden on consumers by removing the need to take claims to court and judicial authorities.
“The UAE is paving the way for a more coherent financial landscape where complaints are resolved efficiently and transparently, fostering an environment of trust and stability,” Fatma al Jabri, chairwoman of Sanadak, said.
“Sanadak is the first ombudsman that is independent in the Mena region, setting the benchmark for consumer protection and financial preparedness.”
In 2021, the UAE Central Bank began working on the country’s first financial consumer protection framework to ensure the fair treatment and protection of banking and financial services customers.
This was followed by an announcement last year that it had established Sanadak to oversee consumer protection in the country.
Previously, consumers were first required to lodge a complaint with their bank. Consumers could only escalate their complaint with the UAE Central Bank’s Consumer Protection Department if the bank had not responded to a complaint within 30 calendar days, or if they were not satisfied with the outcome.
However, this process has been transferred to Sanadak, where consumers can submit complaints free of charge for any product, service or offering provided by financial institutions and licensed insurance companies.
Insurance companies in the UAE are regulated by the UAE Central Bank after the Insurance Authority was merged with the regulator in 2020.
“Sanadak’s inception is aligned with the UAE leadership’s directive to enhance government services and protect consumers of licensed financial institutions by providing an impartial platform for complaints of solution between consumers and licensed financial institutions,” Ms al Jabri said.
“It signifies the UAE’s commitment to upholding international best practices in the financial consumer protection area, showcasing dedication to becoming a global leader in the financial sector.”
There are numerous issues that UAE consumers face with banks and insurance companies, from being overcharged fees to more serious problems such as financial fraud and the mis-selling of financial products.
After the merger of the Insurance Authority with the UAE Central Bank, new regulations were introduced in 2020 to protect consumers from expensive, inflexible, long-term savings products sold by global insurers, which locked investors in for a set period of time and charged them high amounts if they chose to exit early.
Financial fraud is also on the rise, with 54 per cent of people in the UAE saying they have been scammed at least once, according to Visa’s annual Stay Secure survey released in December.
In the UAE, cyber crime costs $746 million a year and affects more than 166,000 victims, according to research by UK consumer watchdog Comparitech.
Consumers can lodge complaints after registering on Sanadak’s website. They have two options: one for financial services and banks, and the other for licensed insurance companies.
If the complaint is accepted – there are a number of eligibility criteria listed on the website such as misleading, deceptive, fraudulent or unfair conduct by or on behalf of a licensed financial institution or insurer – Sanadak may require parties to provide more information.
Depending on the outcome, consumers can appeal the decision at a cost of Dh500.
Sanadak, which will focus on educating consumers about their rights, is an initiative that will change the landscape of the UAE’s financial sector ecosystem, according to Jamal Saleh, director general of the UAE Banks Federation.
It will also work with financial institutions and insurance companies to ensure they comply with consumer protection standards.
“This unit that we have been working on … will work with full impartiality, efficiency, fairness and transparency to ensure that the resolutions for both are important,” Mr Saleh said on Thursday.
“This will reinforce trust, it will strengthen inclusion and, most importantly, it will elevate our global positioning for the UAE.”
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Full name: Aisha Abdulqader Saeed
Age: 34
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Favourite quote: "No one has ever become poor by giving"
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Notable salonnières of the Middle East through history
Al Khasan (Okaz, Saudi Arabia)
Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.
Maryana Marrash (Aleppo)
A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.
Princess Nazil Fadil (Cairo)
Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.
Mayy Ziyadah (Cairo)
Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
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Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
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MATCH INFO
Everton v Tottenham, Sunday, 8.30pm (UAE)
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If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
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The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
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