In line with the UAE's mandate to strengthen the financial services sector, the Central Bank of The UAE launched on 7 March 2024 "Sanadak" - an independent Ombudsman Unit.

Sanadak's primary objective is to safeguard the financial rights of consumers by fostering collaboration with Financial Institutions and Licensed Insurance Companies. It seeks to resolve financial and insurance complaints by consumers where amicable settlements fall short.

This initiative conforms to the Decretal Federal Law No. 14 of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities. Furthermore, Sanadak enhances credibility and competitiveness of the UAE's financial services sector and promotes financial inclusivity.

The CBUAE has established eligibility criteria for the submission of complaints applicable to individuals, sole proprietors, and small to medium-sized enterprises (SMEs).

All Licensed Financial Institutions and Insurance Companies are urged to review all their documents and contracts to reflect Sanadak's new role, duly informing consumers of these changes.

Sanadak Boilerplate: "Established in 2023 by the Central Bank of the UAE, Sanadak acts with impartiality, independence, fairness, and transparency to resolve financial and insurance complaints between consumers and Financial Institutions and Licensed Insurance Companies. Sanadak provides a free-of-charge, independent process to resolve complaints between consumers and Financial Institutions and Licensed Insurance Companies.

As the first independent financial Ombudsman in the MENA region catering to consumers of Financial Institutions and Licensed Insurance Companies, Sanadak will set the pace for consumer complaint resolution through clear, effective and transparent processes, with the ultimate aim of safeguarding trust in the UAE’s financial and insurance services sector and positioning the UAE as a thriving global financial hub."