UBF Applauds Sanadak Launch: Elevating Consumer Trust in UAE's Financial Sector

UAE, 15 March, 2024 : The UAE Banks Federation (UBF) lauded the launch of Sanadak, the nation's first ombudsman unit for consumer complaints, as a pivotal step in consolidating the UAE's position as a premier financial hub. Spearheaded by the Central Bank of the UAE, this initiative signifies a significant stride in developing the financial service sector under its oversight.

Consumer trust in UAE banks surged to 90% in 2023, elevating the nation to the second position globally and first in Asia, Africa, and Europe. The UAE's recognition as the world's third most trusted country across all institutions underscores the confidence levels prevalent in the society.

Sanadak's primary objective is to bolster consumer trust and protect their rights through an efficient and impartial mechanism for handling complaints. As the inaugural independent ombudsman unit, Sanadak focuses on resolving financial and insurance grievances between consumers and licensed entities.

Jamal Saleh, director-general of the UBF, highlighted Sanadak's pivotal role in ensuring consumer protection and fostering trust within the financial sector. The unit's transparent processes and ability to expedite dispute resolution aim to reinforce trust in the UAE's financial landscape and bolster its stature as a global financial center.

UBF is committed to collaborating with financial institutions and insurance companies to support Sanadak's mission and enhance the efficiency and integrity of the UAE's financial ecosystem. Sanadak offers various channels for submitting complaints, aiming to streamline the process and minimize the necessity for legal intervention, thereby providing customers with seamless banking services adhering to international standards.

Source : www.zawya.com