The Central Bank announced the establishment of a new, independent unit for settling banking and insurance disputes under the name (SANADIC) on March 7, 2024, by Federal Decree-Law No. 14 of 2018 regarding the Central Bank and the Regulation of Financial Establishments and Activities, and its amendments.
SENDAC was established as the first unit for settling banking and insurance disputes in the Middle East and North Africa region. Based on this, SANADIC will work to set the highest standards of excellence in addressing consumer complaints, by establishing clear, effective, and transparent mechanisms, to enhance confidence in the financial sector in the United Arab Emirates, and aims to establish a system for resolving banking disputes based on trust and mechanisms for settling complaints. In a fair way.
“SANADIC” specializes in receiving and processing consumer complaints from licensed financial institutions and insurance companies.
“SANADIC” provides a new mechanism for settling banking and insurance complaints, which differs from what is used in the courts.
SENDC undertakes all tasks related to consumer banking and insurance complaints, which are within the jurisdiction of the Customer Happiness Center of the Consumer Protection Department and the committees for settling and resolving insurance disputes at the Central Bank.
The headquarters of the SENDAC Unit is located – the Emirates Financial Institute Building – Ground Floor – Sultan Bin Zayed the First Street – Abu Dhabi, Phone No. (25 623 72 800)
To review the decision to establish a new, independent unit for settling banking and insurance disputes, “SANADIC”
To visit the Sanadak website, click here.
We at Al Dhaheri & Partners Law Firm provide our clients with a group of expert lawyers and consultants in the financial and banking sectors whose role is to stay informed of the latest laws, decisions, and regulations and provide our clients with accurate and effective legal advice and sound legal solutions to guarantee their rights and achieve their financial goals.
Thus, we reach the end of our article entitled “Sendak”, the Banking and Insurance Disputes Settlement Unit, stressing at the same time the necessity of using the best-specialized lawyers in our office to provide sound and correct legal solutions by the best legal and judicial practices, by visiting us at one of our branches in the cities of Al Ain and Abu Dhabi or contacting us.
