"Bondage" It holds its first meeting with the Federation of Emirates Banks and licensed financial institutions

4 weeks ago

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Abu Dhabi, July 10 / WAM / The Unit for the settlement of banking and insurance disputes in the UAE, “Sandak”, held its first meeting with the Federation of Emirates Banks and licensed financial institutions in the country.

The meeting comes within the framework of the “Sankak” efforts to enhance the sustainable institutional partnership with the banking sector, develop the mechanisms for settling disputes to upgrade the banking system and protect consumer rights, in a way that contributes to the consolidation of the principles of justice and transparency in financial transactions.

Fayza Al -Awadi, CEO and Managing Director of “Sankak”, stressed during the meeting the importance of the commitment of financial institutions licensed to laws and regulations for the mechanism of dispute settlement, the development of procedures for addressing complaints to ensure the speed of response, improve the quality of services, establish consumer confidence and meet his aspirations.

She pointed to the need to enhance financial culture and financial inclusion, as this is essential to enable individuals to make informed financial decisions, which contributes to improving their experience with financial services and enhances the stability of the financial system as a whole.

She said that the meeting reflects the keenness of “Sankak” to build an effective partnership with the banking sector, to enhance consumer confidence by ensuring the protection of its rights, and to provide effective mechanisms to improve the system of dispute settlement by improving the speed of response to consumer complaints, and developing the services provided, in a manner that ensures a fair and effective treatment within a transparent regulatory environment.

The meeting reviewed the goals and tasks of “Sankak” and the achievements achieved in the previous stage, with a focus on its role in supporting the stability of the banking system in the UAE, protecting consumer rights and touched on the specializations of unity, its scope of work, and its internal system, in addition to the most prominent development opportunities and future expectations for the settlement of banking disputes in the UAE according to international best practices.

The meeting included a joint Hiwar session between the “Sankak” team and representatives of the banks operating in the country, which dealt with mechanisms for developing procedures approved in the settlement of disputes, and upgrading the complaints and grievances system, in a way that contributes to raising the efficiency of services and enhancing the consumer experience.

“Sankak” is one of the vital pillars that support the safety and stability of the financial system in the country and provides an independent and neutral mechanism for settling disputes between consumer and banking and insurance institutions, and contributes to a direct role in raising the quality of banking services and enhancing consumer confidence, by ensuring transparency and justice in addressing complaints.