The UAE Central Bank Establishes the "Sanadak" Unit
"Sanadak" was established pursuant to the UAE's Central Bank Notice issued in March this year. The Unit is "an independent Ombudsman Unit catering to the consumers of Licensed Financial Institutions (LFIs) and Insurance Companies for the resolution of complaints".
"Sanadak" will offer consumers the following:
- A process for resolving their unsolved disputes with LFIs and Insurance Companies.
- A modern and enhanced path of dispute resolution, different from what is applied with Judicial Authorities.
- Impartiality, independence, fairness, and transparency in dispute resolution.
It is worth noting, finally, that the regulations governing the activity of this Ombudsman Unit were published and came into force in 2023.
Nadim Al Jisr joined Thomson Reuters in 2014 as a Content Specialist, then moved to oversee the Westlaw Middle East platform and manage its growth. Nadim holds a Bachelor’s Degree in Law and has more than 10 years of experience as a legal consultant and litigator in Lebanon, Saudi Arabia and UAE. Nadim is native Arabic speaker and proficient in English and French. Nadim is currently completing his Master’s Degree in Law. Nadim is currently the Editorial Lead heading the MENA Content Team.