The United Arab Emirates (UAE) has taken a significant step towards strengthening consumer protection in the financial sector with the launch of a specialized dispute resolution unit named "Sandik," which translates to "support" in Arabic. This initiative, spearheaded by the Central Bank of the UAE (CBUAE), establishes a dedicated platform for mediating disagreements between customers and banks or insurance companies operating within the Emirates.
Sandik's primary function lies in facilitating swift and amicable resolutions to financial disputes. Consumers encountering issues with banks or insurers can approach Sandik, which will then mediate communication between the parties involved. This service is entirely free of charge for consumers, making it an accessible avenue for individuals to address their grievances.
The CBUAE emphasizes that Sandik prioritizes swift and effective resolution. The unit is equipped with a team of qualified mediators who possess the expertise to navigate the intricacies of financial disputes. Sandik's streamlined procedures aim to expedite the mediation process, ensuring that consumers receive prompt attention to their concerns.
The establishment of Sandik reflects the UAE's commitment to fostering a robust and trustworthy financial sector. By empowering consumers with a streamlined dispute resolution mechanism, the initiative fosters a more transparent and accountable financial environment. This not only safeguards consumer rights but also bolsters confidence in the UAE's financial services industry.
Sandik's services encompass a broad spectrum of financial disputes. Consumers facing issues with bank accounts, loan agreements, insurance policies, or any other banking or insurance-related matters can seek Sandik's intervention. The unit's purview extends to both conventional and Islamic banking products, ensuring comprehensive coverage for all UAE consumers.
The Central Bank has outlined a clear and accessible process for submitting complaints to Sandik. Consumers can either file their grievances electronically through the CBUAE website or visit designated Sandik centers. The unit also provides a dedicated phone line for those seeking to register complaints by phone.
By establishing Sandik, the UAE has taken a commendable step towards enhancing consumer protection within the financial sector. This initiative empowers consumers to effectively address disputes with banks and insurance companies, fostering a more equitable and trustworthy financial landscape. The streamlined and accessible nature of Sandik's services ensures that consumers have a reliable recourse for resolving their financial grievances.