Sanadak Hosts Inaugural Forum With UAE Banks Federation To Enhance Banking Dispute Resolution

Sanadak, the Ombudsman Unit for the UAE, recently held its first forum with the UAE Banks Federation and licensed financial institutions. This initiative aims to build a sustainable partnership with the banking sector, enhance dispute resolution mechanisms, and protect consumer rights. The focus is on promoting fairness and transparency in financial transactions.

The meeting highlighted Sanadak’s objectives and achievements, emphasising its role in safeguarding the integrity of the UAE’s banking system. It reviewed the Unit's mandates, scope of work, and internal framework. Additionally, it explored development opportunities and future prospects for dispute resolution in line with global best practices.

Faiza Al Awadhi, CEO and Managing Director of Sanadak, stressed the importance of licensed financial institutions following laws governing dispute resolution. She urged them to develop complaint-handling procedures for quick responses and improved service quality. This approach aims to strengthen consumer confidence and meet their expectations effectively.

Al Awadhi also underscored the need to boost financial literacy and inclusion. By empowering individuals to make informed decisions, their experience with banking services can be enhanced. This contributes to overall stability within the financial system.

A joint session was held between Sanadak’s team and bank representatives operating in the UAE. The discussion focused on operational mechanisms for dispute resolution. Enhancing complaint-handling frameworks was a key topic aimed at improving efficiency and consumer experience.

Sanadak plays a pivotal role in maintaining the integrity of the UAE’s financial system. It provides an impartial mechanism for resolving disputes between consumers and licensed financial institutions or insurance companies. This contributes to improved service quality by ensuring transparency in complaint handling.

Commitment to Consumer Confidence

"This meeting reflects Sanadak's commitment to building an effective partnership with the banking sector," said Faiza Al Awadhi. "It aims at enhancing consumer confidence through protecting consumer rights and developing effective mechanisms to improve dispute resolution systems by accelerating response times to complaints."

The forum underlined Sanadak's dedication to fostering a transparent regulatory environment. By focusing on fair processing within this framework, it ensures that consumer complaints are handled efficiently while maintaining high service standards.

The inaugural forum marks a significant step towards strengthening collaboration between Sanadak and financial institutions in the UAE. Through these efforts, Sanadak aims to enhance both consumer trust and service quality across the banking sector.

With inputs from WAM