UAE introduces its first Financial and Insurance Ombudsman, ‘Sanadak’

SanadakThe Ombudsman Unit that serves consumers of authorized financial institutions and insurance companies, began operations today, in line with the directive of UAE leaders to improve government services and in accordance with the regulations established by the UAE Central Bank.

Sanadak is the first legally established independent Ombudsman Unit, with a focus on safeguarding consumer rights and resolving complaints arising from dealings with Financial Institutions and Licensed Insurance Companies. Sanadak will assume all consumer complaint management tasks previously performed by the Central Bank of the UAE’s Department of Consumer Protection and Insurance Dispute Resolution Committee.

The establishment of Sanadak marks a crucial moment in improving efficient and effective mechanisms to receive, process and resolve consumer complaints in a transparent and impartial manner, in accordance with applicable laws and international best practices. Sanadak reduces the need to file claims with courts and judicial authorities, thereby strengthening consumer confidence and enhancing the protection of financial consumer rights, through collaborative efforts with authorized financial institutions and insurance companies.

Consumers can file complaints through Sanadak’s website or through the mobile application. People of determination and seniors have the additional option of submitting their complaint through the Sanadak Contact Center or in person at the Sanadak office in Abu Dhabi.

In line with the UAE’s Emiratization agenda to enhance national talent, Sanadak will be managed and operated 100 percent by UAE nationals. Sanadak is the first Ombudsman Unit in both the UAE and the MENA region, serving consumers of licensed financial institutions and insurance companies.

Commenting on the launch of Sanadak, Fatma Al Jabri, President of Sanadak, fixed,

“The launch of Sanadak demonstrates the UAE’s commitment to strengthening the financial services sector for sustainable growth, in line with international best practices. Sanadak aims to set the pace for effective resolution of financial and insurance complaints. Sanadak is committed to safeguarding consumer rights, improving consumer satisfaction and fostering financial inclusion and developing government services. “This initiative aims to strengthen competitiveness and drive substantial growth and stability within the UAE financial sector and the broader national economy.”

News source: Emirates News Agency